In this chapter, the following terms have the meanings indicated. Terms Defined. “Act” means Economic Development Article, Title 5, Subtitle 14, Annotated Code of Maryland. “Area” means a geographic area in one or more political subdivisions in the State described by a closed perimeter boundary. “Department” means the Department of Commerce. “Institution” means: A regional higher education center as defined in Education Article, §10-101, Annotated Code of Maryland; An institution of higher education as defined in Education Article, §10-101, Annotated Code of Maryland; or A nonprofit organization that is affiliated with a federal agency. “Nonprofit organization” means an organization that is exempt or eligible for exemption from taxation under §501(C)(3) of the Internal Revenue Code. “Qualified institution” means an institution that is designated as a qualified institution under Regulation .06 of this chapter. “Qualified property” has the meaning stated in Tax-Property Article, §9-103.1(A)(6), Annotated Code of Maryland. “Political subdivision” means any county or municipal corporation. “RISE Zone” means an area that: Is targeted for increased economic and community development; Proximity or Nexus. Is in immediate proximity to a qualified institution; Has a nexus with the qualified institution and its proposed activities; or Is a rural area and has a nexus with the qualified institution and its proposed activities; Meets the requirements of Regulation .08 of this chapter; and Is designated as a Regional Institution Strategic Enterprise Zone by the Secretary under Regulation .09 of this chapter. “Secretary” means the Secretary of Commerce.