Section 489-AAAAA. Definitions

When used in this title:
    1.  "Aggregate  floor  area"  means  the sum of the gross areas of the
  several floors of a building or structure, measured  from  the  exterior
  faces of exterior walls or from the center lines of walls separating two
  buildings or structures.
    2.  "Applicant"  means any person obligated to pay real property taxes
  on the property for which an exemption from real  property  taxes  under
  this title is sought or in the case of exempt property, the record owner
  or lessee thereof.
    3.  "Approved  plans"  means  plans  submitted  to and approved by the
  department of buildings  in  connection  with  an  applicant's  building
  permit,  including  any  amendments  to  such  plans  approved  by  such
  department before final inspection of the work for which such permit was
  issued.
    4. "Benefit period" means the period  of  time  when  a  recipient  is
  eligible to receive benefits pursuant to this title.
    5.  "Certificate  of  eligibility"  means  the  document issued by the
  department of finance pursuant to section four hundred eighty-nine-ddddd
  of this title.
    6.   "Commercial   construction   work"   means   the   modernization,
  rehabilitation,  expansion  or  other  improvement  of  the  portion  of
  mixed-use property to be used for commercial purposes.
    7. "Commercial purpose or use" means the buying, selling or  otherwise
  providing  of  goods  or  services,  including  hotel services, or other
  lawful  business  or  commercial  activities  permitted   in   mixed-use
  property.
    8.  "Exemption  base."  For  the  purpose  of  computing the exemption
  pursuant to  section  four  hundred  eighty-nine-bbbbb  of  this  title,
  "exemption  base"  shall  mean:  (a) for the first through fifth taxable
  years following the effective date of a certificate of eligibility,  the
  assessed  value  of  improvements  made since the effective date of such
  certificate  which   are   attributable   exclusively   to   residential
  construction  work or a combination of residential construction work and
  commercial construction work described in approved plans;  and  (b)  for
  all other years, the assessed value of such improvements which have been
  made  before  the sixth taxable status date following the effective date
  of such certificate.
    9. "Initial assessed value"  means  the  lesser  of  (a)  the  taxable
  assessed  value  of  real  property appearing on the books of the annual
  record of the assessed valuation of real property on the effective  date
  of a recipient's certificate of eligibility or (b) the assessed value to
  which  such  assessment is thereafter reduced pursuant to application to
  the tax commission or court order.
    10. "Minimum required expenditure" means expenditure  for  residential
  construction  work or a combination of residential construction work and
  commercial construction work in an amount equal to twenty per centum  of
  the initial assessed value; provided, however, that if the department of
  finance,  after  consultation  with  the  deputy  mayor  for finance and
  economic development, determines that a greater expenditure is  required
  to  encourage  significant  development  of  mixed-use  property, it may
  establish by rule a higher percentage of initial assessed value, not  to
  exceed fifty per centum thereof, as the minimum required expenditure.
    11.  "Mixed-use  property"  means  property on which will exist, after
  completion  of  residential  construction  work  or  a  combination   of
  residential  construction  work  and  commercial  construction  work,  a
  building or structure used for both residential and commercial purposes,
  provided that after completion of  such  construction  work,  more  than
  twenty-five  per  centum of the aggregate floor area of such building or

  structure is used or held out for use as commercial, community  facility
  or accessory use space.
    12.  "Mixed-use  construction exemption area" means any area of a city
  having a population of one million or more persons, in which, subject to
  the applicable law governing zoning in such city, mixed-use property  is
  permitted,  provided,  however, that in the city of New York, subject to
  the applicable law governing zoning in such city, mixed-use construction
  exemption area shall mean: the area in the borough of Manhattan  bounded
  by  Murray  Street  on  the  north  starting at the intersection of West
  Street and Murray Street; running easterly  along  the  center  line  of
  Murray Street; connecting through City Hall Park with the center line of
  Frankfort  Street  and  running  easterly  along  the  center  lines  of
  Frankfort and Dover Streets to the  intersection  of  Dover  Street  and
  South Street; running southerly along the center line of South Street to
  Peter  Minuit Plaza; connecting through Peter Minuit Plaza to the center
  line of State Street and running northwesterly along the center line  of
  State  Street  to  the  intersection  of State Street and Battery Place;
  running  westerly  along  the  center  line  of  Battery  Place  to  the
  intersection  of  Battery  Place  and West Street; and running northerly
  along the center line of West Street to the intersection of West  Street
  and Murray Street.
    13.  "Person"  means  an  individual,  corporation,  limited liability
  company, partnership, association, agency,  trust,  estate,  foreign  or
  domestic government or subdivision thereof, or other entity.
    14.   "Recipient"   means  an  applicant  to  whom  a  certificate  of
  eligibility has been issued pursuant to this title, or the successor  in
  interest of such applicant, provided that where a person who has entered
  into  a  lease  or purchase agreement with the owner or lessee of exempt
  property has been a  co-applicant,  such  person  or  the  successor  in
  interest of such person shall be the recipient.
    15. "Residential construction work" means the creation, modernization,
  rehabilitation,  expansion or other improvement of dwelling units, other
  than dwelling units in a hotel, in the portion of mixed-use property  to
  be used for residential purposes.
    16.  "Restricted  activity" means any entertainment activity which the
  department of finance has identified in rules as an activity  which,  in
  the  public  interest,  should not be encouraged through the benefits of
  this title.