N.Y. Priv. Hous. Fin. Law § 202
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.
N.Y. Priv. Hous. Fin. Law § 202