§ 489-AAA — Definitions

§ 489-aaa. Definitions. When used in this title:\n 1. "Applicant" means any person or corporation obligated to pay real\nproperty taxes on the property for which an exemption is sought, or in\nthe case of exempt property, the record owner thereof, provided,\nhowever, that such property is not commercial property located in an\narea designated as excluded pursuant to section four hundred\neighty-nine-ccc of this title;\n 2. "Board" means the industrial and commercial incentive board;\n 3. "Commercial" means any non-residential property used primarily for\nthe buying, selling or otherwise providing of goods or services,\nprovided that the use of such property has not been designated as a\nrestricted commercial use pursuant to section four hundred\neighty-nine-ccc of this title;\n 4. "Construction" means the building of new industrial or commercial\nstructures on vacant or predominantly vacant land, or the modernization,\nrehabilitation or expansion or other improvement of an existing\ncommercial structure where such modernization, rehabilitation, expansion\nor other improvement is not physically or functionally integrated with\nthe existing structure or results in additional usable square footage\nfifty per centum greater than the square footage of the existing\nstructure;\n 5. "Industrial" means property used primarily for the manufacturing or\nassembling of goods or the processing of raw materials;\n 6. "Predominantly vacant land" means land, including land under water,\non which not more than fifteen percent of the lot area contains\nenclosed, permanent improvements; in addition, such land may include\nexisting foundations. A fence, shed, garage, attendant's booth, paving,\npier, bulkhead, lighting fixtures, and similar items, or any improvement\nhaving an assessed value of less than two thousand dollars shall not\nconstitute an enclosed, permanent improvement;\n 7. "Reconstruction" means the modernization, rehabilitation, expansion\nor other improvement of an existing commercial or industrial structure\nwhere the total proposed project cost is in an amount equal to at least\ntwenty percentum of the assessed value of the property at the time an\napplication for a certificate of eligibility pursuant to this title is\nmade, and where such modernization, rehabilitation, expansion or other\nimprovement is physically and functionally integrated with the existing\nstructure and does not create additional usable square footage greater\nthan fifty per centum of the usable square footage of the existing\nstructure except in a case where the existing structure has been\nsubstantially destroyed by fire or other casualty;\n 8. "Residential property" shall mean property, other than property\nused for hotel purposes, on which will exist upon completion of\nconstruction a building or structure containing more than one\nindependent dwelling unit or where more than one-third of the total\nsquare footage of said structure is to be used for residential purposes;\nit shall also mean, in the case of reconstruction, property on which\nexists or will exist upon completion of the reconstruction a building or\nstructure where more than one-third of the total square footage is used\nor is to be used for dwelling purposes;\n 9. "Vacant land" means land, including land under water, which\ncontains no enclosed, permanent improvement. A fence, shed, garage,\nattendant's booth, paving, pier, bulkhead, lighting fixtures, and\nsimilar items, or any improvement having an assessed value of less than\ntwo thousand dollars shall not constitute an enclosed, permanent\nimprovement;\n