The following words and phrases, wherever used in this article, shall have the respective meanings ascribed to them in this section:
(1) MUNICIPALITY. An incorporated city or town in the State of Alabama.
(2) INDUSTRIAL PARK. Land:
a. Determined by the governing body of a municipality to be suitable for use by two or more industrial enterprises for industrial purposes, and
b. Acquired or proposed to be acquired by a municipality and held by it for the purpose of selling it to one or more persons for use for industrial purposes.
(3) PERSON. Any individual, firm, partnership, or corporation, including both public and private corporations, and any other entity, either public or private, that has the power to acquire title to land.