§ 489-aaaaa. Definitions. When used in this title:

1. "Aggregate floor area" means the sum of the gross areas of the
several floors of a building or structure, measured from the exterior
faces of exterior walls or from the center lines of walls separating two
buildings or structures.

2. "Applicant" means any person obligated to pay real property taxes
on the property for which an exemption from real property taxes under
this title is sought or in the case of exempt property, the record owner
or lessee thereof.

3. "Approved plans" means plans submitted to and approved by the
department of buildings in connection with an applicant's building
permit, including any amendments to such plans approved by such
department before final inspection of the work for which such permit was
issued.

4. "Benefit period" means the period of time when a recipient is
eligible to receive benefits pursuant to this title.

5. "Certificate of eligibility" means the document issued by the
department of finance pursuant to section four hundred eighty-nine-ddddd
of this title.

6. "Commercial construction work" means the modernization,
rehabilitation, expansion or other improvement of the portion of
mixed-use property to be used for commercial purposes.

7. "Commercial purpose or use" means the buying, selling or otherwise
providing of goods or services, including hotel services, or other
lawful business or commercial activities permitted in mixed-use
property.

8. "Exemption base." For the purpose of computing the exemption
pursuant to section four hundred eighty-nine-bbbbb of this title,
"exemption base" shall mean: (a) for the first through fifth taxable
years following the effective date of a certificate of eligibility, the
assessed value of improvements made since the effective date of such
certificate which are attributable exclusively to residential
construction work or a combination of residential construction work and
commercial construction work described in approved plans; and (b) for
all other years, the assessed value of such improvements which have been
made before the sixth taxable status date following the effective date
of such certificate.

9. "Initial assessed value" means the lesser of (a) the taxable
assessed value of real property appearing on the books of the annual
record of the assessed valuation of real property on the effective date
of a recipient's certificate of eligibility or (b) the assessed value to
which such assessment is thereafter reduced pursuant to application to
the tax commission or court order.

10. "Minimum required expenditure" means expenditure for residential
construction work or a combination of residential construction work and
commercial construction work in an amount equal to twenty per centum of
the initial assessed value; provided, however, that if the department of
finance, after consultation with the deputy mayor for finance and
economic development, determines that a greater expenditure is required
to encourage significant development of mixed-use property, it may
establish by rule a higher percentage of initial assessed value, not to
exceed fifty per centum thereof, as the minimum required expenditure.

11. "Mixed-use property" means property on which will exist, after
completion of residential construction work or a combination of
residential construction work and commercial construction work, a
building or structure used for both residential and commercial purposes,
provided that after completion of such construction work, more than
twenty-five per centum of the aggregate floor area of such building or
structure is used or held out for use as commercial, community facility
or accessory use space.

12. "Mixed-use construction exemption area" means any area of a city
having a population of one million or more persons, in which, subject to
the applicable law governing zoning in such city, mixed-use property is
permitted, provided, however, that in the city of New York, subject to
the applicable law governing zoning in such city, mixed-use construction
exemption area shall mean: the area in the borough of Manhattan bounded
by Murray Street on the north starting at the intersection of West
Street and Murray Street; running easterly along the center line of
Murray Street; connecting through City Hall Park with the center line of
Frankfort Street and running easterly along the center lines of
Frankfort and Dover Streets to the intersection of Dover Street and
South Street; running southerly along the center line of South Street to
Peter Minuit Plaza; connecting through Peter Minuit Plaza to the center
line of State Street and running northwesterly along the center line of
State Street to the intersection of State Street and Battery Place;
running westerly along the center line of Battery Place to the
intersection of Battery Place and West Street; and running northerly
along the center line of West Street to the intersection of West Street
and Murray Street.

13. "Person" means an individual, corporation, limited liability
company, partnership, association, agency, trust, estate, foreign or
domestic government or subdivision thereof, or other entity.

14. "Recipient" means an applicant to whom a certificate of
eligibility has been issued pursuant to this title, or the successor in
interest of such applicant, provided that where a person who has entered
into a lease or purchase agreement with the owner or lessee of exempt
property has been a co-applicant, such person or the successor in
interest of such person shall be the recipient.

15. "Residential construction work" means the creation, modernization,
rehabilitation, expansion or other improvement of dwelling units, other
than dwelling units in a hotel, in the portion of mixed-use property to
be used for residential purposes.

16. "Restricted activity" means any entertainment activity which the
department of finance has identified in rules as an activity which, in
the public interest, should not be encouraged through the benefits of
this title.