N.Y. Public Authorities Law 1837-A – Definitions
§ 1837-a. Definitions. When used in this subtitle unless the context otherwise requires:
Terms Used In N.Y. Public Authorities Law 1837-A
- Contract: A legal written agreement that becomes binding when signed.
- Project: shall mean (i) the construction of a new industrial or manufacturing plant, a new research and development building or other new eligible business facility, (ii) the acquisition, rehabilitation or improvement of a former or existing industrial or manufacturing plant, of a former or existing building to be used for research and development, of a former or existing other eligible business facility, (iii) the construction, acquisition, rehabilitation or improvement of pollution control facilities, (iv) the purchase of machinery and equipment, for which financial assistance from the authority is sought, or (v) assistance to employees under an employee ownership assistance loan agreement made pursuant to subtitle six of this title; provided, however, that any such plant, building, facility or machinery and equipment therefore shall not be primarily used in making retail sales of goods or services to customers who personally visit such facilities to obtain such goods or services, or used primarily as a hotel, apartment house or other place of business which furnishes dwelling space or accommodations to either residents or transients. See N.Y. Public Authorities Law 1801
1. "Eligible project" means the acquisition, renovation, rehabilitation or development of property necessary to commence and complete operation of projects that are not primarily residential nor retail businesses or enterprises, other than manufacturing and industrial plants, that promote, facilitate or encourage employment and economic development, including day care, commercial production and incubators primarily used for commercial purposes that will result in the creation or retention of employment.
2. "Eligible project cost" includes all reasonable and necessary costs and fees related to the acquisition, renovation, or rehabilitation of the project, including, but not limited to, acquisition, construction, land acquisition, improvements, easements, rights of way, equipment, contract and/or license rights, and related technical, engineering, legal and financial services.