N.Y. Public Authorities Law § 1951: Definitions

§ 1951. Definitions. As used or referred to in this title, unless a

different meaning clearly appears from the context:

1. The term "authority" shall mean the Troy Industrial Development

Authority, the corporation created by section nineteen hundred fifty-two

of this title;

2. The term "board" shall mean the members of the authority;

3. The term "city" shall mean the city of Troy;

4. The term "bonds" shall mean the bonds, notes, interim certificates

and other obligations or evidences of indebtedness issued by the

authority pursuant to this title;

5. The term "project" shall mean any land in one or more areas of the

city and any building, structure, facility or other improvement thereon,

including, but not limited to machinery and equipment and all real and

personal property deemed necessary in connection therewith, whether or

not now in existence or under construction, which shall be necessary or

suitable for manufacturing, warehousing, research, commercial or

industrial purposes and which may include or mean an industrial

pollution control facility.

6. The term "project occupant" shall mean the industrial manufacturing

or commercial enterprise which proposes to use a project, as defined in

subdivision five of this section, undertaken by the authority.

7. The term "revenues" shall mean any revenues, rents, fees or other

charges derived by or on behalf of the authority from any project.

8. The term "state" shall mean the state of New York.

9. The term "industrial pollution control facility" shall mean any

equipment, improvement, structure or facility or any land and any

building, structure, facility or other improvement thereon, or any

combination thereof, and all real and personal property deemed necessary

therewith, which are not of a character or nature then or formerly

furnished or supplied by the city, having to do with or the end purpose

of which is the control, abatement or prevention of land, sewer, water,

air, noise or general environmental pollution deriving from the

operation of industrial, manufacturing, warehousing, commercial and

research facilities, including, but not limited to any air pollution

control facility, noise abatement facility, water management facility,

waste water collecting system, waste water treatment works, sewage

treatment works system, sewage treatment system or solid waste disposal

facility or site.

11. "Financial assistance" shall mean the proceeds of bonds issued by

the authority, straight-leases, or exemptions from taxation claimed by a

project occupant as a result of the authority taking title, possession

or control (by lease, license or otherwise) to the property or equipment

of such project occupant or of such project occupant acting as an agent

of the authority.

12. "Straight-lease transaction" shall mean a transaction in which the

authority takes title, possession or control (by lease, license or

otherwise) to the property or equipment of a project occupant, entitling

such property or equipment to be exempt from taxation according to the

provisions of section nineteen hundred sixty-three of this title, and no

financial assistance in the form of the proceeds of bonds issued by the

authority is provided to the project occupant.

13. "Affected tax jurisdiction" shall mean any municipality or school

district, in which a project is located, which will fail to receive real

property tax payments, or other tax payments which would otherwise be

due, except for the tax exempt status of the authority involved in a

project.

14. "Payments in lieu of taxes" shall mean any payment made to an

agency, or affected tax jurisdiction, equal to the amount, or a portion,

of real property taxes, or other taxes, which would have been levied by

or on behalf of an affected tax jurisdiction if the project was not tax

exempt by reason of authority involvement.

15. "Highly distressed area" means (a) a census tract or tracts or

block numbering areas or areas or such census tract or block numbering

area contiguous thereto which, according to the most recent census data

available, has:

(i) a poverty rate of at least twenty percent for the year to which

the data relates or at least twenty percent of households receiving

public assistance; and

(ii) an unemployment rate of at least 1.25 times the statewide

unemployment rate for the year to which the data relates; or

(b) a city, town, village or county within a city with a population of

one million or more for which: (i) the ratio of the full value property

wealth, as determined by the comptroller for the year nineteen hundred

ninety, per resident to the statewide average full value property wealth

per resident; and (ii) the ratio of the income per resident; as shown in

the nineteen hundred ninety census to the statewide average income per

resident; are each fifty-five percent or less of the statewide average;

or

(c) an area which was designated an empire zone pursuant to article

eighteen-B of the general municipal law.