§ 489-aaaaa. Definitions. When used in this title:\n 1. "Aggregate floor area" means the sum of the gross areas of the\nseveral floors of a building or structure, measured from the exterior\nfaces of exterior walls or from the center lines of walls separating two\nbuildings or structures.\n 2. "Applicant" means any person obligated to pay real property taxes\non the property for which an exemption from real property taxes under\nthis title is sought or in the case of exempt property, the record owner\nor lessee thereof.\n 3. "Approved plans" means plans submitted to and approved by the\ndepartment of buildings in connection with an applicant's building\npermit, including any amendments to such plans approved by such\ndepartment before final inspection of the work for which such permit was\nissued.\n 4. "Benefit period" means the period of time when a recipient is\neligible to receive benefits pursuant to this title.\n 5. "Certificate of eligibility" means the document issued by the\ndepartment of finance pursuant to section four hundred eighty-nine-ddddd\nof this title.\n 6. "Commercial construction work" means the modernization,\nrehabilitation, expansion or other improvement of the portion of\nmixed-use property to be used for commercial purposes.\n 7. "Commercial purpose or use" means the buying, selling or otherwise\nproviding of goods or services, including hotel services, or other\nlawful business or commercial activities permitted in mixed-use\nproperty.\n 8. "Exemption base." For the purpose of computing the exemption\npursuant to section four hundred eighty-nine-bbbbb of this title,\n"exemption base" shall mean: (a) for the first through fifth taxable\nyears following the effective date of a certificate of eligibility, the\nassessed value of improvements made since the effective date of such\ncertificate which are attributable exclusively to residential\nconstruction work or a combination of residential construction work and\ncommercial construction work described in approved plans; and (b) for\nall other years, the assessed value of such improvements which have been\nmade before the sixth taxable status date following the effective date\nof such certificate.\n 9. "Initial assessed value" means the lesser of (a) the taxable\nassessed value of real property appearing on the books of the annual\nrecord of the assessed valuation of real property on the effective date\nof a recipient's certificate of eligibility or (b) the assessed value to\nwhich such assessment is thereafter reduced pursuant to application to\nthe tax commission or court order.\n 10. "Minimum required expenditure" means expenditure for residential\nconstruction work or a combination of residential construction work and\ncommercial construction work in an amount equal to twenty per centum of\nthe initial assessed value; provided, however, that if the department of\nfinance, after consultation with the deputy mayor for finance and\neconomic development, determines that a greater expenditure is required\nto encourage significant development of mixed-use property, it may\nestablish by rule a higher percentage of initial assessed value, not to\nexceed fifty per centum thereof, as the minimum required expenditure.\n 11. "Mixed-use property" means property on which will exist, after\ncompletion of residential construction work or a combination of\nresidential construction work and commercial construction work, a\nbuilding or structure used for both residential and commercial purposes,\nprovided that after completion of such construction work, more than\ntwenty-five per centum of the aggregate floor area of such building or\nstructure is used or held out for use as commercial, community facility\nor accessory use space.\n 12. "Mixed-use construction exemption area" means any area of a city\nhaving a population of one million or more persons, in which, subject to\nthe applicable law governing zoning in such city, mixed-use property is\npermitted, pr
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