The following definitions apply to this subchapter:

(1) "Secondary value-adding industry" means an industrial process that engages in the mechanical or chemical transformation of materials or substances into new products in the manner defined as manufacturing in the North American Industry Classification System Manual prepared by the United States Office of Management and Budget, and that engages in the:

(a) processing of raw materials, such as minerals, ore, oil, gas, coal, agricultural products, and forestry products; or

(b) processing of semi-finished products that are used by the industry as a raw material in further manufacturing.

(2) "Tax increment financing district (TIFD)" means the area within the external boundaries of an urban renewal area, industrial district, technology district, or aerospace transportation and technology district that:

(a) has been legally created pursuant to the provisions of Title 7, chapter 15, parts 42 and 43, MCA; and

(b) contains a provision for the use of tax increment financing.

(3) "Value-added" means an increase in the worth of the raw or semi-finished product that results from a mechanical or chemical transformation and may not be attributable to a mere increase in existing production.