§ 3. Definitions. As used in this act, the following words and terms\nshall have the following meanings unless the context shall indicate\nanother or different meaning or intent:\n (1) "Bonds" and "notes". The bonds and notes respectively issued by\nthe corporation pursuant to this act.\n (2) "Comptroller". The comptroller of the state.\n (3) "Corporation". The corporate governmental agency created by\nsection four of this act.\n (4) "Housing Company". A company organized pursuant to the provisions\nof either article two, four, five or eleven of the private housing\nfinance law.\n (5) "Local Development Corporation". A corporation incorporated or\nreincorporated pursuant to the provisions of article fourteen of the\nnot-for-profit corporation law.\n (6) PROJECT: A specific work or improvement including lands,\nbuildings, improvements, real and personal properties or any interest\ntherein, acquired, owned, constructed, reconstructed, rehabilitated or\nimproved by the corporation or any subsidiary thereof, whether or not\nstill owned or financed by the corporation or any subsidiary thereof,\nincluding a residential project, an industrial project, a land use\nimprovement project, a civic project, an industrial effectiveness\nproject, a small and medium-sized business assistance project, a fruit\ngrowing, fruit processing, or winery business project, or an economic\ndevelopment project, all as defined herein, or any combination thereof,\nwhich combination shall hereinafter be called and known as a\n"multi-purpose project". The term "project" as used herein shall include\nprojects, or any portion of a project.\n (a) "Residential project". A project or that portion of a\nmulti-purpose project designed and intended for the purpose of providing\nhousing accommodations for persons or families of low income and such\nfacilities as may be incidental or appurtenant thereto.\n (b) "Industrial project". A project or that portion of a multi-purpose\nproject designed and intended for the purpose of providing facilities\nfor manufacturing, warehousing, research, business or other industrial\nor commercial purposes, including but not limited to machinery and\nequipment deemed necessary for the operation thereof (excluding raw\nmaterial, work in process or stock in trade).\n (c) "Land Use Improvement project". A plan or undertaking for the\nclearance, replanning, reconstruction and rehabilitation or a\ncombination of these and other methods, of a substandard and insanitary\narea, and for recreational or other facilities incidental or appurtenant\nthereto, pursuant to and in accordance with article eighteen of the\nconstitution and this act. The terms "clearance, replanning,\nreconstruction and rehabilitation" shall include renewal, redevelopment,\nconservation, restoration or improvement or any combination thereof as\nwell as the testing and reporting of methods and techniques for the\narrest, prevention and elimination of slums and blight.\n (d) "Civic project". A project or that portion of a multi-purpose\nproject designed and intended for the purpose of providing facilities\nfor educational, cultural, recreational, community, municipal, public\nservice or other civic purposes.\n (e) "Industrial effectiveness project". A project or that portion of a\nmulti-purpose project designed and intended for the purpose of (i)\nimproving the productivity and competitiveness of an industrial firm or\ngroup of industrial firms through such means as, but not limited to, the\nredesign of production facilities, the introduction of new production\nprocesses and management systems, the expansion or diversification of\nproduct lines, the development of new markets, and labor and management\ncooperative efforts to enhance productivity; (ii) implementing a\ncorporate restructuring or turnaround plan for an industrial firm; (iii)\neffecting the transfer of the ownership and control of a viable\nindustrial firm to its employees, managers or other investor
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.