As used in this article, unless the context requires a different meaning: “Board” means the Virginia Growth and Opportunity Board. “Fund” means the Virginia Growth and Opportunity Fund. “Qualifying region” means a region with a regional council. “Region” means one or more planning districts or otherwise defined areas designated as a region by the Board for the purpose of administering grants provided pursuant to this article. “Regional activity” means an economic or workforce development-focused collaborative project or program that is (i) endorsed by a regional council, (ii) consistent with the economic growth and diversification plan developed by the regional council, and (iii) carried out, performed on behalf of, or contracted for by two or more localities, political subdivisions, or public bodies corporate and politic within a region. “Regional council” means a public body certified by the Board as eligible to receive grants pursuant to this article and that is supported by or affiliated with an existing or newly established organization that engages in collaborative planning or execution of economic or workforce development activities within a region.