§ 202. Definitions. The following terms, whenever used or referred to
in this article, shall, unless a different intent clearly appears from
the context, be construed as follows:

The term "development area" shall mean that portion of an area to
which a development plan is applicable.

The term "development cost" shall mean the amount determined by the
supervising agency to be the actual cost of the development, or of the
part thereof for which such determination is made, and shall include,
among other costs, the reasonable costs of planning the development,
including preliminary studies and surveys, neighborhood planning, and
architectural and engineering services, legal and incorporation expense,
the actual cost, if any, of alleviating hardship to families occupying
dwelling accommodations in the development area where such hardship
results from the execution of the development plan, the reasonable costs
of financing the development, including carrying charges during
construction, working capital in an amount not exceeding five per centum
of development cost, the actual cost of the real property included in
the development, or if such real property or any part thereof were
acquired partly or wholly in exchange for securities, then, an amount
which shall be approved by the supervising agency as being equal to the
reasonable value of the real property acquired therefor, the actual cost
of demolition of existing structures, the actual cost of utilities,
landscaping and roadways, the amount of special assessments subsequently
paid, the actual cost of construction, equipment and furnishing of
buildings and improvements, including architectural, engineering and
builder's fees, the actual cost of reconstruction, rehabilitation,
remodeling or initial repair of existing buildings and improvements,
reasonable management costs until the development is ready for use, and
the actual cost of improving that portion of the development area which
is to remain as open space, together with such additions to development
cost as shall equal the actual cost of additions to or changes in the
development in accordance with the original development plan or after
approved changes in or amendments thereto.

The term "development plan" shall mean a plan for the redevelopment of
all or any part of an area, and shall include any amendments thereto
approved in accordance with the requirements of paragraph five of
section two hundred three of this article.

The term "dividend year" shall mean, whether or not there exists a
maximum exemption period with respect to any one or more parcels of real
property, any of the recurrent periods of one year each ending on the
last day of the calendar month immediately preceding the calendar month
in which the assessment-rolls for the purpose of city taxes on real
property are finally warranted to the official, bureau, board,
commission or agency charged with collecting such taxes. The first
dividend year may be a period of less than one year commencing with the
beginning of the execution of the development plan and ending on such
last day of such calendar month.

The terms "local taxation" and "local tax" shall include state,
county, city, and school taxes, any special district taxes, and any
other tax on real property, but shall not include assessments for
benefit improvements.

The term "maximum assessed valuation" shall mean, with respect to any
local tax on any parcel of real property, the assessed valuation of such
parcel appearing on the last assessment-roll warranted to the official,
bureau, board, commission or agency charged with collecting the
particular local tax involved, before the commencement of the maximum
exemption period for such parcel.

The term "maximum exemption period" shall mean, with respect to any
parcel of real property, the period commencing with the acquisition of
such parcel by the redevelopment corporation, or the issuance of the
certificate of approval required by paragraph four of section two
hundred three of this article, whichever is later in time, and lasting
for such period, not exceeding ten years from the date of completion, as
certified to by the city department or body having jurisdiction over
buildings and improvements, of the buildings or improvements required to
be built on or made to such parcel by the development plan, as may be
designated in the ordinance or local law, if any, adopted or enacted by
the local legislative body pursuant to paragraph one of section two
hundred eleven of this article, but not in excess of the period of time
during which such parcel of real property is owned by the redevelopment
corporation.

The term "maximum dividend" shall mean, with respect to any dividend
year, an amount equal to five per centum of development cost less all
amounts payable during the dividend year as interest on, but not as
amortization of, any indebtedness of the redevelopment corporation. The
maximum dividend, however, may be apportioned in accordance with the
provisions of section two hundred seventeen of this article. The maximum
dividend may change from time to time in accordance with changes in
development cost, in outstanding indebtedness and in capital structure
due to refunding operations.

The term "maximum local tax" shall mean, with respect to each and
every local tax on any parcel of real property the local tax which would
have been payable on such parcel if the assessed valuation for the
purpose of such local tax had been, contrary to fact if need be, equal
to the maximum assessed valuation thereof.

The term "minimum condemnation requirement" shall mean land and
buildings or improvements constituting fifty-one per centum or more of
the land area and fifty-one per centum or more by assessed valuation for
the purpose of city taxes of the land and buildings or improvements, as
of the date of the issuance of the certificate of approval required by
paragraph four of section two hundred three of this article, of all land
and buildings or improvements fee title to which is to be acquired by
the redevelopment corporation pursuant to the development plan, which
are not exempt otherwise than by this article in whole or in part from
local taxation, which are included in that stage of the development plan
in which is located the real property sought to be condemned.

The term "planning commission" shall mean the official bureau, board,
commission or agency of the city established under the general city law
or under a home rule charter and authorized to prepare, adopt and amend
or modify a master plan for the development of the city.

The term "redevelopment" shall mean the clearance, replanning,
reconstruction or rehabilitation of an area or part thereof, and the
provision of such industrial, commercial, residential or public
structures or spaces as may be appropriate, including recreational and
other facilities incidental or appurtenant thereto.

The term "redevelopment corporation" shall mean a corporation
heretofore or hereafter organized pursuant to article four of the
business corporation law whose certificate of incorporation shall comply
with the requirements of section two hundred five of this article.

The term "supervising agency" shall mean the official, bureau,
commission or agency appointed, established or designated by the local
legislative body pursuant to section two hundred four of this article,
except that if there is a board of estimate in the city, it shall mean
such board of estimate.