NY Pub Auth L § 1951 (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 11 - Troy Industrial Development Authority 1951 - Definitions.

§  1951.  Definitions.  As used or referred to in this title, unless a different meaning clearly appears from the context:   1. The term "authority" shall mean  the  Troy  Industrial  Development Authority, the corporation created by section nineteen hundred fifty-two of this title;   2. The term "board" shall mean the members of the authority;   3. The term "city" shall mean the city of Troy;   4.  The term "bonds" shall mean the bonds, notes, interim certificates and other  obligations  or  evidences  of  indebtedness  issued  by  the authority pursuant to this title;   5.  The term "project" shall mean any land in one or more areas of the city and any building, structure, facility or other improvement thereon, including, but not limited to machinery and equipment and all  real  and personal  property  deemed necessary in connection therewith, whether or not now in existence or under construction, which shall be necessary  or suitable   for   manufacturing,  warehousing,  research,  commercial  or industrial  purposes  and  which  may  include  or  mean  an  industrial pollution control facility.   6. The term "project occupant" shall mean the industrial manufacturing or  commercial enterprise which proposes to use a project, as defined in subdivision five of this section, undertaken by the authority.   7. The term "revenues" shall mean any revenues, rents, fees  or  other charges derived by or on behalf of the authority from any project.   8. The term "state" shall mean the state of New York.   9.  The  term  "industrial  pollution control facility" shall mean any equipment, improvement, structure  or  facility  or  any  land  and  any building,  structure,  facility  or  other  improvement  thereon, or any combination thereof, and all real and personal property deemed necessary therewith, which are not of a  character  or  nature  then  or  formerly furnished  or supplied by the city, having to do with or the end purpose of which is the control, abatement or prevention of land, sewer,  water, air,   noise  or  general  environmental  pollution  deriving  from  the operation of  industrial,  manufacturing,  warehousing,  commercial  and research  facilities,  including,  but  not limited to any air pollution control facility, noise abatement facility, water  management  facility, waste  water  collecting  system,  waste  water  treatment works, sewage treatment works system, sewage treatment system or solid waste  disposal facility or site.   11.  "Financial assistance" shall mean the proceeds of bonds issued by the authority, straight-leases, or exemptions from taxation claimed by a project occupant as a result of the authority taking  title,  possession or control (by lease, license or otherwise) to the property or equipment of  such project occupant or of such project occupant acting as an agent of the authority.   12. "Straight-lease transaction" shall mean a transaction in which the authority takes title, possession  or  control  (by  lease,  license  or otherwise) to the property or equipment of a project occupant, entitling such  property  or equipment to be exempt from taxation according to the provisions of section nineteen hundred sixty-three of this title, and no financial assistance in the form of the proceeds of bonds issued by  the authority is provided to the project occupant.   13.  "Affected tax jurisdiction" shall mean any municipality or school district, in which a project is located, which will fail to receive real property tax payments, or other tax payments which  would  otherwise  be due,  except  for  the  tax exempt status of the authority involved in a project.   14. "Payments in lieu of taxes" shall mean  any  payment  made  to  an agency, or affected tax jurisdiction, equal to the amount, or a portion,  of  real property taxes, or other taxes, which would have been levied by or on behalf of an affected tax jurisdiction if the project was not  tax exempt by reason of authority involvement.   15.  "Highly  distressed  area"  means (a) a census tract or tracts or block numbering areas or areas or such census tract or  block  numbering area  contiguous thereto which, according to the most recent census data available, has:  (i) a poverty rate of at least twenty percent for the  year  to  which the  data  relates  or  at  least twenty percent of households receiving public assistance; and  (ii) an unemployment  rate  of  at  least  1.25  times  the  statewide unemployment rate for the year to which the data relates; or  (b) a city, town, village or county within a city with a population of one  million or more for which: (i) the ratio of the full value property wealth, as determined by the comptroller for the year  nineteen  hundred ninety, per resident to the statewide average full value property wealth per resident; and (ii) the ratio of the income per resident; as shown in the  nineteen  hundred ninety census to the statewide average income per resident; are each fifty-five percent or less of the statewide  average; or  (c)  an  area  which was designated an empire zone pursuant to article eighteen-B of the general municipal law.