§ 202. Definitions. The following terms, whenever used or referred to\nin this article, shall, unless a different intent clearly appears from\nthe context, be construed as follows:\n The term "development area" shall mean that portion of an area to\nwhich a development plan is applicable.\n The term "development cost" shall mean the amount determined by the\nsupervising agency to be the actual cost of the development, or of the\npart thereof for which such determination is made, and shall include,\namong other costs, the reasonable costs of planning the development,\nincluding preliminary studies and surveys, neighborhood planning, and\narchitectural and engineering services, legal and incorporation expense,\nthe actual cost, if any, of alleviating hardship to families occupying\ndwelling accommodations in the development area where such hardship\nresults from the execution of the development plan, the reasonable costs\nof financing the development, including carrying charges during\nconstruction, working capital in an amount not exceeding five per centum\nof development cost, the actual cost of the real property included in\nthe development, or if such real property or any part thereof were\nacquired partly or wholly in exchange for securities, then, an amount\nwhich shall be approved by the supervising agency as being equal to the\nreasonable value of the real property acquired therefor, the actual cost\nof demolition of existing structures, the actual cost of utilities,\nlandscaping and roadways, the amount of special assessments subsequently\npaid, the actual cost of construction, equipment and furnishing of\nbuildings and improvements, including architectural, engineering and\nbuilder's fees, the actual cost of reconstruction, rehabilitation,\nremodeling or initial repair of existing buildings and improvements,\nreasonable management costs until the development is ready for use, and\nthe actual cost of improving that portion of the development area which\nis to remain as open space, together with such additions to development\ncost as shall equal the actual cost of additions to or changes in the\ndevelopment in accordance with the original development plan or after\napproved changes in or amendments thereto.\n The term "development plan" shall mean a plan for the redevelopment of\nall or any part of an area, and shall include any amendments thereto\napproved in accordance with the requirements of paragraph five of\nsection two hundred three of this article.\n The term "dividend year" shall mean, whether or not there exists a\nmaximum exemption period with respect to any one or more parcels of real\nproperty, any of the recurrent periods of one year each ending on the\nlast day of the calendar month immediately preceding the calendar month\nin which the assessment-rolls for the purpose of city taxes on real\nproperty are finally warranted to the official, bureau, board,\ncommission or agency charged with collecting such taxes. The first\ndividend year may be a period of less than one year commencing with the\nbeginning of the execution of the development plan and ending on such\nlast day of such calendar month.\n The terms "local taxation" and "local tax" shall include state,\ncounty, city, and school taxes, any special district taxes, and any\nother tax on real property, but shall not include assessments for\nbenefit improvements.\n The term "maximum assessed valuation" shall mean, with respect to any\nlocal tax on any parcel of real property, the assessed valuation of such\nparcel appearing on the last assessment-roll warranted to the official,\nbureau, board, commission or agency charged with collecting the\nparticular local tax involved, before the commencement of the maximum\nexemption period for such parcel.\n The term "maximum exemption period" shall mean, with respect to any\nparcel of real property, the period commencing with the acquisition of\nsuch parcel by the redevelopment corporation, or the issuance
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