As used in this act, the following words and terms shall have the following meanings unless the context shall indicate another or different meaning or intent:
(a) "Corporation". The corporation for urban development and research of New York created by section four of this act.(b) "Urban development guarantee fund of New York". The fund created by the urban development guarantee fund of New York act.(c) "New York state urban development corporation". The public benefit corporation created by the New York state urban development corporation act.(d) "Bonds" and "notes". The bonds and notes respectively issued by the corporation pursuant to this act.(e) "Comptroller". The comptroller of the state.(f) "Housing Development Fund Company". A company incorporated pursuant to the provisions of article eleven of the private housing finance law.(g) "Limited-Profit Housing Company". A company incorporated pursuant to the provisions of article two of the private housing finance law or a company incorporated pursuant to the provisions of article two of such law and the not-for-profit corporation law.(h) "Limited Dividend Housing Company". A company incorporated pursuant to the provisions of article four of the private housing finance law.(i) "Redevelopment Company". A company incorporated pursuant to the provisions of article five of the private housing finance law.(j) "Local Development Corporation". A corporation incorporated or reincorporated pursuant to the provisions of article fourteen of the not-for-profit corporation law.(k) "Project". A specific work or improvement including lands, buildings, improvements, real and personal properties or any interest therein, acquired, owned, constructed, reconstructed, rehabilitated or improved by the corporation or any subsidiary thereof. The term "project" as used herein shall include a project, or projects, or any portion thereof. (1) "Housing project". A project designed and intended for the purpose of providing housing accommodations for persons or families which cannot afford the prices or rentals of housing provided by the unaided efforts of private enterprise, including such recreational, educational, cultural and other community facilities as may be incidental or appurtenant thereto.(2) "Industrial project". A project designed and intended for the purpose of providing facilities for manufacturing, warehousing research or other industrial, business or commercial purposes, including but not limited to machinery and equipment deemed necessary for the operation thereof (excluding raw material, work in process or stock in trade).(l) "Project cost". The sum total of all costs incurred by the corporation in carrying out all works and undertakings which the corporation deems reasonable and necessary for the development of a project. These shall include but are not necessarily limited to the costs of all necessary studies, surveys, plans and specifications, architectural, engineering or other special services, acquisition of land and any buildings thereon, site preparation and development, construction, reconstruction, rehabilitation, improvement and the acquisition of such machinery and equipment as may be deemed necessary in connection therewith (other than raw materials, work in process or stock in trade); the necessary expenses incurred in connection with the initial occupancy of the project; an allocable portion of the administrative and operating expenses of the corporation; the cost of financing the project, including interest on bonds and notes issued by the corporation to finance the project from the date thereof to the date when the corporation shall determine that the project be deemed substantially occupied; and the cost of such other items, including any indemnity and surety bonds and premiums on insurance, legal fees, fees and expenses of trustees, depositories and paying agents for the bonds and notes issued by the corporation; and relocation costs, all as the corporation shall deem necessary.(m) "Real property". Lands, structures, franchises and interests in land, including lands under water and riparian rights, space rights and air rights and any and all other things and rights usually included within said term. Real property shall also mean and include any and all interests in such property less than full title, such as easements, incorporeal hereditaments and every estate, interest or right, legal or equitable, including terms for years and liens thereon by way of judgments, mortgages or otherwise, and also all claims for damages for such real estate.(n) "State". The state of New York.(o) "State agency". Any officer, department, board, commission, bureau, division, public corporation, agency or instrumentality of the state.(p) "Subsidiary corporation". A corporation created by the corporation in accordance with section nine of this act.(q) "Substandard or insanitary area". Such area as is defined by section five hundred two of the general municipal law.(r) "Municipality". Any county, city, town and village.(s) "Local governing body". The board of supervisors, county legislature, board of aldermen, common council, commission, or other elective governing board or body now or hereafter vested by state statute, charter or other law with jurisdiction to initiate and adopt local laws, whether or not such local laws or ordinances require the approval of the elective chief executive officer or other official or body to become effective, and except that with respect to a city having a population of one million or more the term "local governing body" shall mean the board of estimate.N.Y. Urban Development Research Corporation Act § 3