§ 25-y. Definitions. As used in this article the following terms shall\nhave the following meanings:\n (a) "Eligible business" means any person subject to a tax imposed\nunder a local law enacted pursuant to part two or three of section one,\nor section two, of chapter seven hundred seventy-two of the laws of\nnineteen hundred sixty-six or a gross receipts tax imposed under a local\nlaw enacted pursuant to subdivision (a) of section twelve hundred one of\nthe tax law that: (1) has been conducting substantial business\noperations at one or more business locations outside an eligible area\nfor the twenty-four consecutive months immediately preceding the taxable\nyear during which such eligible business relocates as defined in\nsubdivision (j) of this section; and (2) on or after May twenty-seventh,\nnineteen hundred eighty-seven relocates as defined in subdivision (j) of\nthis section all or part of such business operations; and (3) either (i)\non or after May twenty-seventh, nineteen hundred eighty-seven first\nenters into a contract to purchase or lease the premises to which it\nrelocates as defined in subdivision (j) of this section, or a parcel on\nwhich will be constructed such premises, or (ii) as of May\ntwenty-seventh, nineteen hundred eighty-seven owns such parcel or\npremises and has not prior to such date made application for benefits\npursuant to a local law enacted in accordance with title two-D of\narticle four of the real property tax law.\n (b) "Person" means and includes any individual, partnership,\nassociation, joint-stock company, corporation, estate or trust, limited\nliability company, and any combination of the foregoing.\n (c) "Retail activity" means any activity which consists predominantly\nof the sale, other than through the mail or by the telephone or by means\nof the internet, of tangible personal property to any person, for any\npurpose unrelated to the trade or business of such person, or which\nconsists predominantly of the selling of services to individuals which\ngenerally involve the physical, mental and/or spiritual care of such\nindividuals, or the physical care of the personal property of any person\nunrelated to the trade or business of such person, or which consists\npredominantly of the provision of retail banking services.\n (d) "Hotel services" means any services which consist predominantly of\nthe lodging of guests at a building or a portion thereof which is\nregularly used and kept open for such services. The term "hotel\nservices" shall include the lodging of guests at an apartment hotel, a\nmotel, boarding house or club, whether or not meals are served.\n (e) "Eligible premises" means: (1) nonresidential premises which are\nwholly contained in real property which is certified as eligible to\nreceive benefits pursuant to a local law enacted in accordance with\ntitle two-C or title two-D of article four of the real property tax law,\nprovided that such premises have been improved by construction or\nrenovation, that expenditures have been made for improvements to such\nreal property in excess of fifty per centum or, in the case of\nindustrial property, in excess of twenty-five per centum, of the value\nat which such real property was assessed for tax purposes for the tax\nyear in which such improvements commenced and such expenditures have\nbeen made within thirty-six months or, in the case of expenditures for\nsuch improvements to such real property in excess of fifty million\ndollars within seventy-two months from such commencement and, provided\nfurther, that such real property is located in an eligible area;\n (2) nonresidential premises which are: (i) wholly contained in or\nsituated on real property which has been leased from an industrial\ndevelopment agency established pursuant to article eighteen-A of the\ngeneral municipal law, provided that such premises were constructed or\nrenovated subsequent to the approval of such construction or renovation\nby such agency, or (i
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