§ 202 — Definitions

§ 202. Definitions. The following terms, whenever used or referred to\nin this article, shall, unless a different intent clearly appears from\nthe context, be construed as follows:\n The term "development area" shall mean that portion of an area to\nwhich a development plan is applicable.\n The term "development cost" shall mean the amount determined by the\nsupervising agency to be the actual cost of the development, or of the\npart thereof for which such determination is made, and shall include,\namong other costs, the reasonable costs of planning the development,\nincluding preliminary studies and surveys, neighborhood planning, and\narchitectural and engineering services, legal and incorporation expense,\nthe actual cost, if any, of alleviating hardship to families occupying\ndwelling accommodations in the development area where such hardship\nresults from the execution of the development plan, the reasonable costs\nof financing the development, including carrying charges during\nconstruction, working capital in an amount not exceeding five per centum\nof development cost, the actual cost of the real property included in\nthe development, or if such real property or any part thereof were\nacquired partly or wholly in exchange for securities, then, an amount\nwhich shall be approved by the supervising agency as being equal to the\nreasonable value of the real property acquired therefor, the actual cost\nof demolition of existing structures, the actual cost of utilities,\nlandscaping and roadways, the amount of special assessments subsequently\npaid, the actual cost of construction, equipment and furnishing of\nbuildings and improvements, including architectural, engineering and\nbuilder's fees, the actual cost of reconstruction, rehabilitation,\nremodeling or initial repair of existing buildings and improvements,\nreasonable management costs until the development is ready for use, and\nthe actual cost of improving that portion of the development area which\nis to remain as open space, together with such additions to development\ncost as shall equal the actual cost of additions to or changes in the\ndevelopment in accordance with the original development plan or after\napproved changes in or amendments thereto.\n The term "development plan" shall mean a plan for the redevelopment of\nall or any part of an area, and shall include any amendments thereto\napproved in accordance with the requirements of paragraph five of\nsection two hundred three of this article.\n The term "dividend year" shall mean, whether or not there exists a\nmaximum exemption period with respect to any one or more parcels of real\nproperty, any of the recurrent periods of one year each ending on the\nlast day of the calendar month immediately preceding the calendar month\nin which the assessment-rolls for the purpose of city taxes on real\nproperty are finally warranted to the official, bureau, board,\ncommission or agency charged with collecting such taxes. The first\ndividend year may be a period of less than one year commencing with the\nbeginning of the execution of the development plan and ending on such\nlast day of such calendar month.\n The terms "local taxation" and "local tax" shall include state,\ncounty, city, and school taxes, any special district taxes, and any\nother tax on real property, but shall not include assessments for\nbenefit improvements.\n The term "maximum assessed valuation" shall mean, with respect to any\nlocal tax on any parcel of real property, the assessed valuation of such\nparcel appearing on the last assessment-roll warranted to the official,\nbureau, board, commission or agency charged with collecting the\nparticular local tax involved, before the commencement of the maximum\nexemption period for such parcel.\n The term "maximum exemption period" shall mean, with respect to any\nparcel of real property, the period commencing with the acquisition of\nsuch parcel by the redevelopment corporation, or the issuance of the\ncertificate of approval required by paragraph four of section two\nhundred three of this article, whichever is later in time, and lasting\nfor such period, not exceeding ten years from the date of completion, as\ncertified to by the city department or body having jurisdiction over\nbuildings and improvements, of the buildings or improvements required to\nbe built on or made to such parcel by the development plan, as may be\ndesignated in the ordinance or local law, if any, adopted or enacted by\nthe local legislative body pursuant to paragraph one of section two\nhundred eleven of this article, but not in excess of the period of time\nduring which such parcel of real property is owned by the redevelopment\ncorporation.\n The term "maximum dividend" shall mean, with respect to any dividend\nyear, an amount equal to five per centum of development cost less all\namounts payable during the dividend year as interest on, but not as\namortization of, any indebtedness of the redevelopment corporation. The\nmaximum dividend, however, may be apportioned in accordance with the\nprovisions of section two hundred seventeen of this article. The maximum\ndividend may change from time to time in accordance with changes in\ndevelopment cost, in outstanding indebtedness and in capital structure\ndue to refunding operations.\n The term "maximum local tax" shall mean, with respect to each and\nevery local tax on any parcel of real property the local tax which would\nhave been payable on such parcel if the assessed valuation for the\npurpose of such local tax had been, contrary to fact if need be, equal\nto the maximum assessed valuation thereof.\n The term "minimum condemnation requirement" shall mean land and\nbuildings or improvements constituting fifty-one per centum or more of\nthe land area and fifty-one per centum or more by assessed valuation for\nthe purpose of city taxes of the land and buildings or improvements, as\nof the date of the issuance of the certificate of approval required by\nparagraph four of section two hundred three of this article, of all land\nand buildings or improvements fee title to which is to be acquired by\nthe redevelopment corporation pursuant to the development plan, which\nare not exempt otherwise than by this article in whole or in part from\nlocal taxation, which are included in that stage of the development plan\nin which is located the real property sought to be condemned.\n The term "planning commission" shall mean the official bureau, board,\ncommission or agency of the city established under the general city law\nor under a home rule charter and authorized to prepare, adopt and amend\nor modify a master plan for the development of the city.\n The term "redevelopment" shall mean the clearance, replanning,\nreconstruction or rehabilitation of an area or part thereof, and the\nprovision of such industrial, commercial, residential or public\nstructures or spaces as may be appropriate, including recreational and\nother facilities incidental or appurtenant thereto.\n The term "redevelopment corporation" shall mean a corporation\nheretofore or hereafter organized pursuant to article four of the\nbusiness corporation law whose certificate of incorporation shall comply\nwith the requirements of section two hundred five of this article.\n The term "supervising agency" shall mean the official, bureau,\ncommission or agency appointed, established or designated by the local\nlegislative body pursuant to section two hundred four of this article,\nexcept that if there is a board of estimate in the city, it shall mean\nsuch board of estimate.\n