Terms Used In New York Laws > Public Authorities > Article 8 > Title 8 > Subtitle 7 - Special Project Development

• Allegation: something that someone says happened.
• 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
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• 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.
• Credit bureau: An agency that collects individual credit information and sells it for a fee to creditors so they can make a decision on granting loans. Typical clients include banks, mortgage lenders, credit card companies, and other financing companies. (Also commonly referred to as consumer-reporting agency or credit-reporting agency.) ^{Source: OCC}
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• 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
• Forbearance: A means of handling a delinquent loan. A
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• 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.
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• 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
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Small business: means a business which is independently owned and operated, and which is not dominant in the field of operation. See N.Y. Public Authorities Law 1695
• State: shall mean the state of New York. See N.Y. Public Authorities Law 1801
• State agency: shall mean any officer, department, board, commission, bureau, division, public corporation, agency or instrumentality of the state. See N.Y. Public Authorities Law 1801
• Subpoena: A command to a witness to appear and give testimony.
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trustee: A person or institution holding and administering property in trust.