N.Y. Private Housing Finance Law § 202: Definitions

§ 202. Definitions. The following terms, whenever used or referred to

in this article, shall, unless a different intent clearly appears from

the context, be construed as follows:

The term "development area" shall mean that portion of an area to

which a development plan is applicable.

The term "development cost" shall mean the amount determined by the

supervising agency to be the actual cost of the development, or of the

part thereof for which such determination is made, and shall include,

among other costs, the reasonable costs of planning the development,

including preliminary studies and surveys, neighborhood planning, and

architectural and engineering services, legal and incorporation expense,

the actual cost, if any, of alleviating hardship to families occupying

dwelling accommodations in the development area where such hardship

results from the execution of the development plan, the reasonable costs

of financing the development, including carrying charges during

construction, working capital in an amount not exceeding five per centum

of development cost, the actual cost of the real property included in

the development, or if such real property or any part thereof were

acquired partly or wholly in exchange for securities, then, an amount

which shall be approved by the supervising agency as being equal to the

reasonable value of the real property acquired therefor, the actual cost

of demolition of existing structures, the actual cost of utilities,

landscaping and roadways, the amount of special assessments subsequently

paid, the actual cost of construction, equipment and furnishing of

buildings and improvements, including architectural, engineering and

builder's fees, the actual cost of reconstruction, rehabilitation,

remodeling or initial repair of existing buildings and improvements,

reasonable management costs until the development is ready for use, and

the actual cost of improving that portion of the development area which

is to remain as open space, together with such additions to development

cost as shall equal the actual cost of additions to or changes in the

development in accordance with the original development plan or after

approved changes in or amendments thereto.

The term "development plan" shall mean a plan for the redevelopment of

all or any part of an area, and shall include any amendments thereto

approved in accordance with the requirements of paragraph five of

section two hundred three of this article.

The term "dividend year" shall mean, whether or not there exists a

maximum exemption period with respect to any one or more parcels of real

property, any of the recurrent periods of one year each ending on the

last day of the calendar month immediately preceding the calendar month

in which the assessment-rolls for the purpose of city taxes on real

property are finally warranted to the official, bureau, board,

commission or agency charged with collecting such taxes. The first

dividend year may be a period of less than one year commencing with the

beginning of the execution of the development plan and ending on such

last day of such calendar month.

The terms "local taxation" and "local tax" shall include state,

county, city, and school taxes, any special district taxes, and any

other tax on real property, but shall not include assessments for

benefit improvements.

The term "maximum assessed valuation" shall mean, with respect to any

local tax on any parcel of real property, the assessed valuation of such

parcel appearing on the last assessment-roll warranted to the official,

bureau, board, commission or agency charged with collecting the

particular local tax involved, before the commencement of the maximum

exemption period for such parcel.

The term "maximum exemption period" shall mean, with respect to any

parcel of real property, the period commencing with the acquisition of

such parcel by the redevelopment corporation, or the issuance of the

certificate of approval required by paragraph four of section two

hundred three of this article, whichever is later in time, and lasting

for such period, not exceeding ten years from the date of completion, as

certified to by the city department or body having jurisdiction over

buildings and improvements, of the buildings or improvements required to

be built on or made to such parcel by the development plan, as may be

designated in the ordinance or local law, if any, adopted or enacted by

the local legislative body pursuant to paragraph one of section two

hundred eleven of this article, but not in excess of the period of time

during which such parcel of real property is owned by the redevelopment

corporation.

The term "maximum dividend" shall mean, with respect to any dividend

year, an amount equal to five per centum of development cost less all

amounts payable during the dividend year as interest on, but not as

amortization of, any indebtedness of the redevelopment corporation. The

maximum dividend, however, may be apportioned in accordance with the

provisions of section two hundred seventeen of this article. The maximum

dividend may change from time to time in accordance with changes in

development cost, in outstanding indebtedness and in capital structure

due to refunding operations.

The term "maximum local tax" shall mean, with respect to each and

every local tax on any parcel of real property the local tax which would

have been payable on such parcel if the assessed valuation for the

purpose of such local tax had been, contrary to fact if need be, equal

to the maximum assessed valuation thereof.

The term "minimum condemnation requirement" shall mean land and

buildings or improvements constituting fifty-one per centum or more of

the land area and fifty-one per centum or more by assessed valuation for

the purpose of city taxes of the land and buildings or improvements, as

of the date of the issuance of the certificate of approval required by

paragraph four of section two hundred three of this article, of all land

and buildings or improvements fee title to which is to be acquired by

the redevelopment corporation pursuant to the development plan, which

are not exempt otherwise than by this article in whole or in part from

local taxation, which are included in that stage of the development plan

in which is located the real property sought to be condemned.

The term "planning commission" shall mean the official bureau, board,

commission or agency of the city established under the general city law

or under a home rule charter and authorized to prepare, adopt and amend

or modify a master plan for the development of the city.

The term "redevelopment" shall mean the clearance, replanning,

reconstruction or rehabilitation of an area or part thereof, and the

provision of such industrial, commercial, residential or public

structures or spaces as may be appropriate, including recreational and

other facilities incidental or appurtenant thereto.

The term "redevelopment corporation" shall mean a corporation

heretofore or hereafter organized pursuant to article four of the

business corporation law whose certificate of incorporation shall comply

with the requirements of section two hundred five of this article.

The term "supervising agency" shall mean the official, bureau,

commission or agency appointed, established or designated by the local

legislative body pursuant to section two hundred four of this article,

except that if there is a board of estimate in the city, it shall mean

such board of estimate.