Section 489-AAA. Definitions

When used in this title:
    1.  "Applicant"  means any person or corporation obligated to pay real
  property taxes on the property for which an exemption is sought,  or  in
  the  case  of  exempt  property,  the  record  owner  thereof, provided,
  however, that such property is not commercial  property  located  in  an
  area   designated   as   excluded   pursuant  to  section  four  hundred
  eighty-nine-ccc of this title;
    2. "Board" means the industrial and commercial incentive board;
    3. "Commercial" means any non-residential property used primarily  for
  the  buying,  selling  or  otherwise  providing  of  goods  or services,
  provided that the use of such property has  not  been  designated  as  a
  restricted   commercial   use   pursuant   to   section   four   hundred
  eighty-nine-ccc of this title;
    4. "Construction" means the building of new industrial  or  commercial
  structures on vacant or predominantly vacant land, or the modernization,
  rehabilitation   or  expansion  or  other  improvement  of  an  existing
  commercial structure where such modernization, rehabilitation, expansion
  or other improvement is not physically or functionally  integrated  with
  the  existing  structure  or results in additional usable square footage
  fifty per centum  greater  than  the  square  footage  of  the  existing
  structure;
    5. "Industrial" means property used primarily for the manufacturing or
  assembling of goods or the processing of raw materials;
    6. "Predominantly vacant land" means land, including land under water,
  on  which  not  more  than  fifteen  percent  of  the  lot area contains
  enclosed, permanent improvements; in addition,  such  land  may  include
  existing foundations.  A fence, shed, garage, attendant's booth, paving,
  pier, bulkhead, lighting fixtures, and similar items, or any improvement
  having  an  assessed  value  of less than two thousand dollars shall not
  constitute an enclosed, permanent improvement;
    7. "Reconstruction" means the modernization, rehabilitation, expansion
  or other improvement of an existing commercial or  industrial  structure
  where  the total proposed project cost is in an amount equal to at least
  twenty percentum of the assessed value of the property at  the  time  an
  application  for  a certificate of eligibility pursuant to this title is
  made, and where such modernization, rehabilitation, expansion  or  other
  improvement  is physically and functionally integrated with the existing
  structure and does not create additional usable square  footage  greater
  than  fifty  per  centum  of  the  usable square footage of the existing
  structure except in  a  case  where  the  existing  structure  has  been
  substantially destroyed by fire or other casualty;
    8.  "Residential  property"  shall  mean property, other than property
  used for  hotel  purposes,  on  which  will  exist  upon  completion  of
  construction   a   building   or  structure  containing  more  than  one
  independent dwelling unit or where more  than  one-third  of  the  total
  square footage of said structure is to be used for residential purposes;
  it  shall  also  mean,  in the case of reconstruction, property on which
  exists or will exist upon completion of the reconstruction a building or
  structure where more than one-third of the total square footage is  used
  or is to be used for dwelling purposes;
    9.  "Vacant  land"  means  land,  including  land  under  water, which
  contains no enclosed, permanent  improvement.  A  fence,  shed,  garage,
  attendant's  booth,  paving,  pier,  bulkhead,  lighting  fixtures,  and
  similar items, or any improvement having an assessed value of less  than
  two  thousand  dollars  shall  not  constitute  an  enclosed,  permanent
  improvement;