Section 202. Definitions

The following terms, whenever used or referred to
  in this article, shall, unless a different intent clearly  appears  from
  the context, be construed as follows:
    The  term  "development  area"  shall  mean that portion of an area to
  which a development plan is applicable.
    The term "development cost" shall mean the amount  determined  by  the
  supervising  agency  to be the actual cost of the development, or of the
  part thereof for which such determination is made,  and  shall  include,
  among  other  costs,  the  reasonable costs of planning the development,
  including preliminary studies and surveys,  neighborhood  planning,  and
  architectural and engineering services, legal and incorporation expense,
  the  actual  cost, if any, of alleviating hardship to families occupying
  dwelling accommodations in the  development  area  where  such  hardship
  results from the execution of the development plan, the reasonable costs
  of   financing   the  development,  including  carrying  charges  during
  construction, working capital in an amount not exceeding five per centum
  of development cost, the actual cost of the real  property  included  in
  the  development,  or  if  such  real  property or any part thereof were
  acquired partly or wholly in exchange for securities,  then,  an  amount
  which  shall be approved by the supervising agency as being equal to the
  reasonable value of the real property acquired therefor, the actual cost
  of demolition of existing structures,  the  actual  cost  of  utilities,
  landscaping and roadways, the amount of special assessments subsequently
  paid,  the  actual  cost  of  construction,  equipment and furnishing of
  buildings and improvements,  including  architectural,  engineering  and
  builder's  fees,  the  actual  cost  of  reconstruction, rehabilitation,
  remodeling or initial repair of  existing  buildings  and  improvements,
  reasonable  management costs until the development is ready for use, and
  the actual cost of improving that portion of the development area  which
  is  to remain as open space, together with such additions to development
  cost as shall equal the actual cost of additions to or  changes  in  the
  development  in  accordance  with the original development plan or after
  approved changes in or amendments thereto.
    The term "development plan" shall mean a plan for the redevelopment of
  all or any part of an area, and shall  include  any  amendments  thereto
  approved  in  accordance  with  the  requirements  of  paragraph five of
  section two hundred three of this article.
    The term "dividend year" shall mean, whether or  not  there  exists  a
  maximum exemption period with respect to any one or more parcels of real
  property,  any  of  the recurrent periods of one year each ending on the
  last day of the calendar month immediately preceding the calendar  month
  in  which  the  assessment-rolls  for  the purpose of city taxes on real
  property  are  finally  warranted  to  the  official,   bureau,   board,
  commission  or  agency  charged  with  collecting  such taxes. The first
  dividend year may be a period of less than one year commencing with  the
  beginning  of  the  execution of the development plan and ending on such
  last day of such calendar month.
    The terms "local  taxation"  and  "local  tax"  shall  include  state,
  county,  city,  and  school  taxes,  any special district taxes, and any
  other tax on real  property,  but  shall  not  include  assessments  for
  benefit improvements.
    The  term "maximum assessed valuation" shall mean, with respect to any
  local tax on any parcel of real property, the assessed valuation of such
  parcel appearing on the last assessment-roll warranted to the  official,
  bureau,   board,  commission  or  agency  charged  with  collecting  the
  particular local tax involved, before the commencement  of  the  maximum
  exemption period for such parcel.

    The  term  "maximum  exemption period" shall mean, with respect to any
  parcel of real property, the period commencing with the  acquisition  of
  such  parcel  by  the  redevelopment corporation, or the issuance of the
  certificate of approval  required  by  paragraph  four  of  section  two
  hundred  three  of this article, whichever is later in time, and lasting
  for such period, not exceeding ten years from the date of completion, as
  certified to by the city department or  body  having  jurisdiction  over
  buildings and improvements, of the buildings or improvements required to
  be  built  on  or made to such parcel by the development plan, as may be
  designated in the ordinance or local law, if any, adopted or enacted  by
  the  local  legislative  body  pursuant  to paragraph one of section two
  hundred eleven of this article, but not in excess of the period of  time
  during  which such parcel of real property is owned by the redevelopment
  corporation.
    The term "maximum dividend" shall mean, with respect to  any  dividend
  year,  an  amount  equal to five per centum of development cost less all
  amounts payable during the dividend year as  interest  on,  but  not  as
  amortization of, any indebtedness of the redevelopment corporation.  The
  maximum  dividend,  however,  may  be apportioned in accordance with the
  provisions of section two hundred seventeen of this article. The maximum
  dividend may change from time to time  in  accordance  with  changes  in
  development  cost,  in outstanding indebtedness and in capital structure
  due to refunding operations.
    The term "maximum local tax" shall mean,  with  respect  to  each  and
  every local tax on any parcel of real property the local tax which would
  have  been  payable  on  such  parcel  if the assessed valuation for the
  purpose of such local tax had been, contrary to fact if need  be,  equal
  to the maximum assessed valuation thereof.
    The  term  "minimum  condemnation  requirement"  shall  mean  land and
  buildings or improvements constituting fifty-one per centum or  more  of
  the land area and fifty-one per centum or more by assessed valuation for
  the  purpose of city taxes of the land and buildings or improvements, as
  of the date of the issuance of the certificate of approval  required  by
  paragraph four of section two hundred three of this article, of all land
  and  buildings  or  improvements fee title to which is to be acquired by
  the redevelopment corporation pursuant to the  development  plan,  which
  are  not  exempt otherwise than by this article in whole or in part from
  local taxation, which are included in that stage of the development plan
  in which is located the real property sought to be condemned.
    The term "planning commission" shall mean the official bureau,  board,
  commission  or agency of the city established under the general city law
  or under a home rule charter and authorized to prepare, adopt and  amend
  or modify a master plan for the development of the city.
    The   term  "redevelopment"  shall  mean  the  clearance,  replanning,
  reconstruction or rehabilitation of an area or  part  thereof,  and  the
  provision   of   such  industrial,  commercial,  residential  or  public
  structures or spaces as may be appropriate, including  recreational  and
  other facilities incidental or appurtenant thereto.
    The   term   "redevelopment  corporation"  shall  mean  a  corporation
  heretofore or hereafter  organized  pursuant  to  article  four  of  the
  business corporation law whose certificate of incorporation shall comply
  with the requirements of section two hundred five of this article.
    The  term  "supervising  agency"  shall  mean  the  official,  bureau,
  commission or agency appointed, established or designated by  the  local
  legislative  body  pursuant to section two hundred four of this article,
  except that if there is a board of estimate in the city, it  shall  mean
  such board of estimate.