§ 1951 — Definitions

New York § 1951

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 11: Troy Industrial Development Authority
• Art. 8: Miscellaneous Authorities

Text

§ 1951. Definitions. As used or referred to in this title, unless a\ndifferent meaning clearly appears from the context:\n 1. The term "authority" shall mean the Troy Industrial Development\nAuthority, the corporation created by section nineteen hundred fifty-two\nof this title;\n 2. The term "board" shall mean the members of the authority;\n 3. The term "city" shall mean the city of Troy;\n 4. The term "bonds" shall mean the bonds, notes, interim certificates\nand other obligations or evidences of indebtedness issued by the\nauthority pursuant to this title;\n 5. The term "project" shall mean any land in one or more areas of the\ncity and any building, structure, facility or other improvement thereon,\nincluding, but not limited to machinery and equipment and all real and\npersonal property deemed necessary in connection therewith, whether or\nnot now in existence or under construction, which shall be necessary or\nsuitable for manufacturing, warehousing, research, commercial or\nindustrial purposes and which may include or mean an industrial\npollution control facility.\n 6. The term "project occupant" shall mean the industrial manufacturing\nor commercial enterprise which proposes to use a project, as defined in\nsubdivision five of this section, undertaken by the authority.\n 7. The term "revenues" shall mean any revenues, rents, fees or other\ncharges derived by or on behalf of the authority from any project.\n 8. The term "state" shall mean the state of New York.\n 9. The term "industrial pollution control facility" shall mean any\nequipment, improvement, structure or facility or any land and any\nbuilding, structure, facility or other improvement thereon, or any\ncombination thereof, and all real and personal property deemed necessary\ntherewith, which are not of a character or nature then or formerly\nfurnished or supplied by the city, having to do with or the end purpose\nof which is the control, abatement or prevention of land, sewer, water,\nair, noise or general environmental pollution deriving from the\noperation of industrial, manufacturing, warehousing, commercial and\nresearch facilities, including, but not limited to any air pollution\ncontrol facility, noise abatement facility, water management facility,\nwaste water collecting system, waste water treatment works, sewage\ntreatment works system, sewage treatment system or solid waste disposal\nfacility or site.\n 11. "Financial assistance" shall mean the proceeds of bonds issued by\nthe authority, straight-leases, or exemptions from taxation claimed by a\nproject occupant as a result of the authority taking title, possession\nor control (by lease, license or otherwise) to the property or equipment\nof such project occupant or of such project occupant acting as an agent\nof the authority.\n 12. "Straight-lease transaction" shall mean a transaction in which the\nauthority takes title, possession or control (by lease, license or\notherwise) to the property or equipment of a project occupant, entitling\nsuch property or equipment to be exempt from taxation according to the\nprovisions of section nineteen hundred sixty-three of this title, and no\nfinancial assistance in the form of the proceeds of bonds issued by the\nauthority is provided to the project occupant.\n 13. "Affected tax jurisdiction" shall mean any municipality or school\ndistrict, in which a project is located, which will fail to receive real\nproperty tax payments, or other tax payments which would otherwise be\ndue, except for the tax exempt status of the authority involved in a\nproject.\n 14. "Payments in lieu of taxes" shall mean any payment made to an\nagency, or affected tax jurisdiction, equal to the amount, or a portion,\nof real property taxes, or other taxes, which would have been levied by\nor on behalf of an affected tax jurisdiction if the project was not tax\nexempt by reason of authority involvement.\n 15. "Highly distressed area" means (a) a census tract or tracts or\nblock numbering areas or areas or such census tract or block numbering\narea contiguous thereto which, according to the most recent census data\navailable, has:\n (i) a poverty rate of at least twenty percent for the year to which\nthe data relates or at least twenty percent of households receiving\npublic assistance; and\n (ii) an unemployment rate of at least 1.25 times the statewide\nunemployment rate for the year to which the data relates; or\n (b) a city, town, village or county within a city with a population of\none million or more for which: (i) the ratio of the full value property\nwealth, as determined by the comptroller for the year nineteen hundred\nninety, per resident to the statewide average full value property wealth\nper resident; and (ii) the ratio of the income per resident; as shown in\nthe nineteen hundred ninety census to the statewide average income per\nresident; are each fifty-five percent or less of the statewide average;\nor\n (c) an area which was designated an empire zone pursuant to article\neighteen-B of the general municipal law.\n