Terms Used In N.Y. Public Authorities Law 1837-B

• Authority: shall mean the New York job development authority created by subdivision one of section eighteen hundred two of this title. See N.Y. Public Authorities Law 1801
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Federal agency: shall mean the United States of America, and any officer, department, board, commissioner, bureau, division, corporation, agency or instrumentality thereof. See N.Y. Public Authorities Law 1801
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Loan: shall mean (i) a mortgage loan evidenced by a bond, note or other obligation of a local development corporation secured by a mortgage on a project, defined in subdivision fourteen (i) and (ii) of this section, made by a local development corporation, a project occupant or other person, firm or corporation; (ii) a loan evidenced by a bond, note or other obligation of a local development corporation, a project occupant, or other person, firm or corporation secured by a loan agreement, contract or such other instrument deemed necessary or convenient on a project defined in subdivision fourteen (iii) of this section; (iii) a loan evidenced by a bond, note or other obligation of a local development corporation, a project occupant, or other person, firm or corporation secured by a security interest in machinery and equipment as provided in section eighteen hundred fourteen; and (iv) an employee ownership assistance loan made pursuant to paragraph (v) of subdivision fourteen of this section. See N.Y. Public Authorities Law 1801
• Local development corporation: shall mean a non-profit corporation incorporated or reincorporated under the laws of this state, regardless of its particular name, which shall meet the additional requirements of section eighteen hundred twenty-five of this title. See N.Y. Public Authorities Law 1801
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• 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
• Project cost: shall mean the aggregate costs incurred to finance the construction, acquisition, rehabilitation, or improvement of a project, and which are determined by the authority to be or to have been reasonably necessary therefor, including, without intending thereby to limit the generality of such costs: the cost of acquiring real property therefor; the cost of constructing or reconstructing buildings and improvements thereon, including, to the extent such costs are not borne by the municipality or other taxing district within which the project is located, the cost of constructing means of access to and from such project; the cost of constructing extensions to the project site of existing utility systems if such costs are customarily borne by the consumer; insurance premiums, financing charges, interest costs, commitment fees and the like incurred prior to or during the period of construction, acquisition, rehabilitation or improvement; any fees or charges imposed by the authority in respect of an application for a mortgage loan; the cost of preparing project specifications, maps, plans, surveys, estimates, applications and other documents, including costs related to determination of the feasibility of the project in the planning stages; and all such other costs, charges, fees, and expenses, including labor costs, overhead costs, the costs of materials and supplies, and engineering, accounting and legal expenses, as may be reasonably incident to the construction, acquisition, rehabilitation or improvement of the project; provided, however, that the term "project cost" except when used in subtitle III of this title shall not include the cost of any machinery or equipment (other than fixtures) or personal property to be used by the project occupant in its operations or any expenses related to the installation, replacement or rehabilitation thereof. See N.Y. Public Authorities Law 1801
• Project occupant: shall mean the business enterprise which proposes to use a project after construction, acquisition, rehabilitation or improvement. See N.Y. Public Authorities Law 1801