(1) “Board of directors” or “board” means the board of directors or other similar governing body of the corporation;

(2) “Corporation” means a corporation created pursuant to this chapter to operate a land bank;

(3) “Land bank” means real property, however obtained or acquired and held by a corporation, created pursuant to this chapter, with the intent of acquiring and holding onto the real property so acquired until such a time as the corporation is able to find a willing and able buyer to acquire the real property from the corporation;

(4) “Local government” means:

(A) Any home rule municipality;

(B) Any county having a population of not less than one hundred twenty-three thousand one (123,001) nor more than one hundred twenty-three thousand one hundred (123,100), according to the 2010 federal census or any subsequent federal census;

(C) Any county having a population of not less than eighty-nine thousand eight hundred (89,800) nor more than eighty-nine thousand nine hundred (89,900), according to the 2010 federal census or any subsequent federal census;

(D) Any county having a metropolitan form of government; or

(E) Any municipality having a population of not less than forty-eight thousand two hundred (48,200) nor more than forty-eight thousand two hundred nine (48,209), according to the 2010 federal census or any subsequent federal census;

(F) Any municipality having a population of not less than forty-one thousand (41,000) nor more than forty-two thousand (42,000), according to the 2010 federal census or any subsequent federal census; and

(G) Any county having a population of not less than twenty-seven thousand two hundred (27,200) nor more than twenty-seven thousand three hundred (27,300), according to the 2010 federal census or any subsequent federal census;

(5) “Real estate” means an identified parcel or tract of land, including improvements, if any; and

(6) “Real property” means one (1) or more defined parcels or tracts of land or interests, benefits and rights inherent in the ownership of real estate.