§ 25-aa. Definitions. As used in this article the following terms\nshall have the following meanings:\n (a) "Eligible building". A building or structure which is located in\nan eligible revitalization area and:\n (1) is eligible to obtain benefits under title two-D or two-F of\narticle four of the real property tax law, or would be eligible to\nreceive benefits under such title except that such property is exempt\nfrom real property taxation and the requirements of paragraph (b) of\nsubdivision seven of section four hundred eighty-nine-dddd of such title\ntwo-D, or the requirements of subparagraph (ii) of paragraph (b) of\nsubdivision five of section four hundred eighty-nine-cccccc of such\ntitle two-F, whichever is applicable, of the real property tax law have\nnot been satisfied, provided that application for such benefits was made\nafter the thirtieth day of June, nineteen hundred ninety-five and before\nthe first day of July, two thousand twenty-seven, that construction or\nrenovation of such building or structure was described in such\napplication, that such building or structure has been substantially\nimproved by such construction or renovation, and (i) that the minimum\nrequired expenditure as defined in such title has been made, or (ii)\nwhere there is no applicable minimum required expenditure, the building\nwas constructed within such period or periods of time established by\ntitle two-D or two-F, whichever is applicable, of article four of the\nreal property tax law for construction of a new building or structure;\nor\n (2) has obtained approval after the thirtieth day of June, nineteen\nhundred ninety-five and before the first day of July, two thousand\ntwenty-seven, for financing by an industrial development agency\nestablished pursuant to article eighteen-A of the general municipal law,\nprovided that such financing has been used in whole or in part to\nsubstantially improve such building or structure by construction or\nrenovation, that expenditures have been made for improvements to such\nreal property in excess of twenty per centum of the value at which such\nreal property was assessed for tax purposes for the tax year in which\nsuch improvements commenced, and that such expenditures have been made\nwithin thirty-six months after the earlier of (i) the issuance by such\nagency of bonds for such financing, or (ii) the conveyance of title to\nsuch building or structure to such agency; or\n (3) is owned by the city of New York or the New York state urban\ndevelopment corporation, or a subsidiary corporation thereof, a lease\nfor which was approved in accordance with the applicable provisions of\nthe charter of such city or by the board of directors of such\ncorporation, as the case may be, and such approval was obtained after\nthe thirtieth day of June, nineteen hundred ninety-five and before the\nfirst day of July, two thousand twenty-seven, provided that expenditures\nhave been made for improvements to such real property in excess of\ntwenty per centum of the value at which such real property was assessed\nfor tax purposes for the tax year in which such improvements commenced,\nand that such expenditures have been made within thirty-six months after\nthe effective date of such lease; or\n (4) is eligible to obtain benefits under title two-E of article four\nof the real property tax law, or would be eligible to receive benefits\nunder such title except that such property is exempt from real property\ntaxation and the requirements of paragraph (b) of subdivision ten of\nsection four hundred eighty-nine-ccccc of the real property tax law have\nnot been satisfied, provided that application for such benefits was made\nafter the thirtieth day of June, nineteen hundred ninety-five and before\nthe first day of July, two thousand three, that renovation of such\nbuilding or structure was described in such application, that such\nbuilding or structure has been substantially improved by such\nrenovation, and that the
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