“Downtown business improvement zone” or “zone” means a zone designated by a municipality, by ordinance, pursuant to section 2 of P.L.1998, c.115 (C. 40:56-71.2) in order to promote the economic revitalization of the municipality through the encouragement of business improvements within the downtown area.

“Downtown business improvement loan fund” or “fund” means that fund established pursuant to section 3 of P.L.1998, c.115 (C. 40:56-71.3).

“Improvement” means the purchasing, leasing, condemning, or otherwise acquiring of land or other property, or an interest therein, in the downtown business improvement zone or as necessary for a right-of-way or other easement to or from the zone; the relocating and moving of persons displaced by the acquisition of land or property; the rehabilitation and redevelopment of land or property, including demolition, clearance, removal, relocation, renovation, alteration, construction, reconstruction, installation or repair of a building, street, highway, alley, service or other structure or improvement; the acquisition, construction, reconstruction, rehabilitation, or installation of parking and other public facilities and improvements, except buildings and facilities for the general conduct of government and schools; and the costs associated therewith including the costs of an appraisal, economic and environmental analyses or engineering, planning, design, architectural, surveying or other professional services necessary to effectuate the improvement.

L.1998,c.115,s.1.