“Rural area” means an area located entirely outside of the urban growth boundary of a city with a population of 40,000 or more, as the urban growth boundary is acknowledged on the date on which an applicant submits an application, pursuant to rules adopted by the Oregon Business Development Department, for property tax exemption under ORS 307.123 (Property of strategic investment program eligible projects).
An eligible project located, or an application for a project to be located, within a strategic investment zone designated before the effective date of this 2015 Act [October 5, 2015].
(2)
A parcel of land on which an eligible project is located on the effective date of this 2015 Act. [2015 c.518 §2]