§ 3. Definitions. As used in this act, the following words and terms
shall have the following meanings unless the context shall indicate
another or different meaning or intent:

(a) "Corporation". The corporation for urban development and research
of New York created by section four of this act.

(b) "Urban development guarantee fund of New York". The fund created
by the urban development guarantee fund of New York act.

(c) "New York state urban development corporation". The public benefit
corporation created by the New York state urban development corporation
act.

(d) "Bonds" and "notes". The bonds and notes respectively issued by
the corporation pursuant to this act.

(e) "Comptroller". The comptroller of the state.

(f) "Housing Development Fund Company". A company incorporated
pursuant to the provisions of article eleven of the private housing
finance law.

(g) "Limited-Profit Housing Company". A company incorporated pursuant
to the provisions of article two of the private housing finance law or a
company incorporated pursuant to the provisions of article two of such
law and the not-for-profit corporation law.

(h) "Limited Dividend Housing Company". A company incorporated
pursuant to the provisions of article four of the private housing
finance law.

(i) "Redevelopment Company". A company incorporated pursuant to the
provisions of article five of the private housing finance law.

(j) "Local Development Corporation". A corporation incorporated or
reincorporated pursuant to the provisions of article fourteen of the
not-for-profit corporation law.

(k) "Project". A specific work or improvement including lands,
buildings, improvements, real and personal properties or any interest
therein, acquired, owned, constructed, reconstructed, rehabilitated or
improved by the corporation or any subsidiary thereof. The term
"project" as used herein shall include a project, or projects, or any
portion thereof.

(1) "Housing project". A project designed and intended for the purpose
of providing housing accommodations for persons or families which cannot
afford the prices or rentals of housing provided by the unaided efforts
of private enterprise, including such recreational, educational,
cultural and other community facilities as may be incidental or
appurtenant thereto.

(2) "Industrial project". A project designed and intended for the
purpose of providing facilities for manufacturing, warehousing research
or other industrial, business or commercial purposes, including but not
limited to machinery and equipment deemed necessary for the operation
thereof (excluding raw material, work in process or stock in trade).

(l) "Project cost". The sum total of all costs incurred by the
corporation in carrying out all works and undertakings which the
corporation deems reasonable and necessary for the development of a
project. These shall include but are not necessarily limited to the
costs of all necessary studies, surveys, plans and specifications,
architectural, engineering or other special services, acquisition of
land and any buildings thereon, site preparation and development,
construction, reconstruction, rehabilitation, improvement and the
acquisition of such machinery and equipment as may be deemed necessary
in connection therewith (other than raw materials, work in process or
stock in trade); the necessary expenses incurred in connection with the
initial occupancy of the project; an allocable portion of the
administrative and operating expenses of the corporation; the cost of
financing the project, including interest on bonds and notes issued by
the corporation to finance the project from the date thereof to the date
when the corporation shall determine that the project be deemed
substantially occupied; and the cost of such other items, including any
indemnity and surety bonds and premiums on insurance, legal fees, fees
and expenses of trustees, depositories and paying agents for the bonds
and notes issued by the corporation; and relocation costs, all as the
corporation shall deem necessary.

(m) "Real property". Lands, structures, franchises and interests in
land, including lands under water and riparian rights, space rights and
air rights and any and all other things and rights usually included
within said term. Real property shall also mean and include any and all
interests in such property less than full title, such as easements,
incorporeal hereditaments and every estate, interest or right, legal or
equitable, including terms for years and liens thereon by way of
judgments, mortgages or otherwise, and also all claims for damages for
such real estate.

(n) "State". The state of New York.

(o) "State agency". Any officer, department, board, commission,
bureau, division, public corporation, agency or instrumentality of the
state.

(p) "Subsidiary corporation". A corporation created by the corporation
in accordance with section nine of this act.

(q) "Substandard or insanitary area". Such area as is defined by
section five hundred two of the general municipal law.

(r) "Municipality". Any county, city, town and village.

(s) "Local governing body". The board of supervisors, county
legislature, board of aldermen, common council, commission, or other
elective governing board or body now or hereafter vested by state
statute, charter or other law with jurisdiction to initiate and adopt
local laws, whether or not such local laws or ordinances require the
approval of the elective chief executive officer or other official or
body to become effective, and except that with respect to a city having
a population of one million or more the term "local governing body"
shall mean the board of estimate.