“‘Acquisition for development purposes’ means the acquisition by way of purchase of an estate or interest in land which the Council is satisfied is intended to be the subject of a development whether by the purchaser of that estate or interest or by a subsequent purchaser of that estate or interest:”.

“‘Development’ means the construction, erection, or alteration of any building or buildings, fixed plant and machinery, or other works, intended to be used solely or principally for industrial or commercial or administrative purposes (including, but not by way of limitation, hotels, motels, and other transient accommodation), or any combination of those purposes, where the estimated cost of the construction, erection, or alteration will exceed $250,000.”