For purposes of the Nebraska Innovation Hub Act:

(1) Department means the Department of Economic Development;

(2) Director means the Director of Economic Development;

(3) Economic redevelopment area means an area in the State of Nebraska in which:

(a) The average rate of unemployment in the area during the period covered by the most recent federal decennial census or American Community Survey 5-Year Estimate by the United States Bureau of the Census is at least one hundred fifty percent of the average rate of unemployment in the state during the same period; and

(b) The average poverty rate in the area is twenty percent or more for the federal census tract in the area;

(4) iHub area means the geographical area in this state in which an iHub will operate. An iHub area shall be located within:

(a) An economic redevelopment area;

(b) An enterprise zone designated pursuant to the Enterprise Zone Act;

(c) An inland port district as defined in section 13-3303;

(d) Thirty miles of the largest artificial reservoir constructed in this state for the storage of water; or

(e) Any county having a population of less than one hundred thousand inhabitants;

(5) iHub partner means an entity described in section 81-12,111 that collaborates with an iHub for purposes of driving economic growth within an iHub area;

(6) Innovation hub or iHub means a private nonprofit corporation that is designated by the director as an iHub or an inland port authority created under the Municipal Inland Port Authority Act; and

(7) Postsecondary educational institution means a two-year or four-year college or university which is a member institution of an accrediting body recognized by the United States Department of Education.