§ 3 — Definitions

§ 3. Definitions. As used in this act, the following words and terms\nshall have the following meanings unless the context shall indicate\nanother or different meaning or intent:\n (a) "Corporation". The corporation for urban development and research\nof New York created by section four of this act.\n (b) "Urban development guarantee fund of New York". The fund created\nby the urban development guarantee fund of New York act.\n (c) "New York state urban development corporation". The public benefit\ncorporation created by the New York state urban development corporation\nact.\n (d) "Bonds" and "notes". The bonds and notes respectively issued by\nthe corporation pursuant to this act.\n (e) "Comptroller". The comptroller of the state.\n (f) "Housing Development Fund Company". A company incorporated\npursuant to the provisions of article eleven of the private housing\nfinance law.\n (g) "Limited-Profit Housing Company". A company incorporated pursuant\nto the provisions of article two of the private housing finance law or a\ncompany incorporated pursuant to the provisions of article two of such\nlaw and the not-for-profit corporation law.\n (h) "Limited Dividend Housing Company". A company incorporated\npursuant to the provisions of article four of the private housing\nfinance law.\n (i) "Redevelopment Company". A company incorporated pursuant to the\nprovisions of article five of the private housing finance law.\n (j) "Local Development Corporation". A corporation incorporated or\nreincorporated pursuant to the provisions of article fourteen of the\nnot-for-profit corporation law.\n (k) "Project". A specific work or improvement including lands,\nbuildings, improvements, real and personal properties or any interest\ntherein, acquired, owned, constructed, reconstructed, rehabilitated or\nimproved by the corporation or any subsidiary thereof. The term\n"project" as used herein shall include a project, or projects, or any\nportion thereof.\n (1) "Housing project". A project designed and intended for the purpose\nof providing housing accommodations for persons or families which cannot\nafford the prices or rentals of housing provided by the unaided efforts\nof private enterprise, including such recreational, educational,\ncultural and other community facilities as may be incidental or\nappurtenant thereto.\n (2) "Industrial project". A project designed and intended for the\npurpose of providing facilities for manufacturing, warehousing research\nor other industrial, business or commercial purposes, including but not\nlimited to machinery and equipment deemed necessary for the operation\nthereof (excluding raw material, work in process or stock in trade).\n (l) "Project cost". The sum total of all costs incurred by the\ncorporation in carrying out all works and undertakings which the\ncorporation deems reasonable and necessary for the development of a\nproject. These shall include but are not necessarily limited to the\ncosts of all necessary studies, surveys, plans and specifications,\narchitectural, engineering or other special services, acquisition of\nland and any buildings thereon, site preparation and development,\nconstruction, reconstruction, rehabilitation, improvement and the\nacquisition of such machinery and equipment as may be deemed necessary\nin connection therewith (other than raw materials, work in process or\nstock in trade); the necessary expenses incurred in connection with the\ninitial occupancy of the project; an allocable portion of the\nadministrative and operating expenses of the corporation; the cost of\nfinancing the project, including interest on bonds and notes issued by\nthe corporation to finance the project from the date thereof to the date\nwhen the corporation shall determine that the project be deemed\nsubstantially occupied; and the cost of such other items, including any\nindemnity and surety bonds and premiums on insurance, legal fees, fees\nand expenses of trustees, depositories and paying agents for the bonds\nand notes issued by the corporation; and relocation costs, all as the\ncorporation shall deem necessary.\n (m) "Real property". Lands, structures, franchises and interests in\nland, including lands under water and riparian rights, space rights and\nair rights and any and all other things and rights usually included\nwithin said term. Real property shall also mean and include any and all\ninterests in such property less than full title, such as easements,\nincorporeal hereditaments and every estate, interest or right, legal or\nequitable, including terms for years and liens thereon by way of\njudgments, mortgages or otherwise, and also all claims for damages for\nsuch real estate.\n (n) "State". The state of New York.\n (o) "State agency". Any officer, department, board, commission,\nbureau, division, public corporation, agency or instrumentality of the\nstate.\n (p) "Subsidiary corporation". A corporation created by the corporation\nin accordance with section nine of this act.\n (q) "Substandard or insanitary area". Such area as is defined by\nsection five hundred two of the general municipal law.\n (r) "Municipality". Any county, city, town and village.\n (s) "Local governing body". The board of supervisors, county\nlegislature, board of aldermen, common council, commission, or other\nelective governing board or body now or hereafter vested by state\nstatute, charter or other law with jurisdiction to initiate and adopt\nlocal laws, whether or not such local laws or ordinances require the\napproval of the elective chief executive officer or other official or\nbody to become effective, and except that with respect to a city having\na population of one million or more the term "local governing body"\nshall mean the board of estimate.\n