Terms Used In New York Laws > Public Authorities > Article 8 > Title 28 - New York State Olympic Regional Development Authority

• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• Aggregate employment shares: means the sum of all employment shares maintained by an eligible business in a taxable year. See N.Y. General City Law 25-Y
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Chairman: means the chairman of the dormitory authority. See N.Y. Public Authorities Law 1695
• Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
• Conferees: Legislators appointed to serve on conference committees. They are also called "managers." Conferees are usually appointed from the committee or committees that reported the legislation; they are expected to try and uphold their chamber's position on measures when they negotiate with conferees from the other chamber.
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Counterclaim: A claim that a defendant makes against a plaintiff.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Decedent: A deceased person.
• Designated additional or replacement premises: means nonresidential premises in the eligible area that (i) are owned or leased by an eligible business that has been certified pursuant to subdivision (b) of section twenty-five-z of this article to receive the credit provided for in this article, and (ii) with regard to which such eligible business obtains the certification provided for in subdivision (e) of section twenty-five-z of this article. See N.Y. General City Law 25-Y
• Eligible aggregate employment shares: means the amount, if any, by which the number of aggregate employment shares maintained by an eligible business in an eligible area in the taxable year in which such eligible business claims a credit pursuant to a local law enacted in accordance with section twenty-five-z of this article exceeds the number of aggregate employment shares maintained by an eligible business in an eligible area in the taxable year immediately preceding the taxable year during which such eligible business first relocates as defined in subdivision (j) of this section. See N.Y. General City Law 25-Y
• Eligible area: means an area of a city having a population of one million or more, excluding the area lying south of the center line of 96th Street, in the borough of Manhattan in the city of New York. See N.Y. General City Law 25-Y
• Eligible business: means any person subject to a tax imposed under a local law enacted pursuant to part two or three of section one, or section two, of chapter seven hundred seventy-two of the laws of nineteen hundred sixty-six or a gross receipts tax imposed under a local law enacted pursuant to subdivision (a) of § 1201 of the tax law that: (1) has been conducting substantial business operations at one or more business locations outside an eligible area for the twenty-four consecutive months immediately preceding the taxable year during which such eligible business relocates as defined in subdivision (j) of this section; and (2) on or after May twenty-seventh, nineteen hundred eighty-seven relocates as defined in subdivision (j) of this section all or part of such business operations; and (3) either (i) on or after May twenty-seventh, nineteen hundred eighty-seven first enters into a contract to purchase or lease the premises to which it relocates as defined in subdivision (j) of this section, or a parcel on which will be constructed such premises, or (ii) as of May twenty-seventh, nineteen hundred eighty-seven owns such parcel or premises and has not prior to such date made application for benefits pursuant to a local law enacted in accordance with title two-D of Article 4 of the real property tax law. See N.Y. General City Law 25-Y
• Eligible premises: means : (1) nonresidential premises which are wholly contained in real property which is certified as eligible to receive benefits pursuant to a local law enacted in accordance with title two-C or title two-D of Article 4 of the real property tax law, provided that such premises have been improved by construction or renovation, that expenditures have been made for improvements to such real property in excess of fifty per centum or, in the case of industrial property, in excess of twenty-five per centum, of the value at which such real property was assessed for tax purposes for the tax year in which such improvements commenced and such expenditures have been made within thirty-six months or, in the case of expenditures for such improvements to such real property in excess of fifty million dollars within seventy-two months from such commencement and, provided further, that such real property is located in an eligible area;
  
  (2) nonresidential premises which are: (i) wholly contained in or situated on real property which has been leased from an industrial development agency established pursuant to Article 18-A of the general municipal law, provided that such premises were constructed or renovated subsequent to the approval of such construction or renovation by such agency, or (ii) wholly contained in or situated on real property owned by a city having a population of one million or more, a lease for which was approved in accordance with the applicable provisions of the charter of such city, provided that such premises were constructed or renovated subsequent to such approval, or (iii) wholly contained in or situated on real property which has been leased from the port authority of the state of New York and New Jersey or the New York state urban development corporation, or a subsidiary thereof, provided that such premises were constructed or renovated subsequent to the execution of such lease, or (iv) wholly contained in property which would be eligible to receive benefits pursuant to a local law enacted in accordance with title two-D of Article 4 of the real property tax law except that such property is exempt from real property taxation; provided that expenditures have been made for improvements to such real property in excess of fifty per centum or, in the case of industrial property, in excess of twenty-five per centum, of the value at which such real property was assessed for tax purposes for the tax year in which such improvements commenced and such expenditures have been made within thirty-six months or, in the case of expenditures for such improvements to such real property in excess of fifty million dollars within seventy-two months from the date of such commencement, and provided further that such real property is located in an eligible area; or
  
  (3) in the case of a relocation, the date of which, as determined in subdivision (j) of this section, is on or after July first, two thousand three, nonresidential premises, located in an eligible area, for which a minimum expenditure has been made on or after July first, two thousand three, for improvements in excess of twenty-five dollars per square foot, provided, however, that if such premises are leased, such lease shall have a term that does not expire until at least three years after the later of the date of such relocation and the lease commencement date. See N.Y. General City Law 25-Y
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Excess shares: shall mean eligible aggregate employment shares that are apportioned pursuant to paragraph one of this subdivision to a relocation in excess of the limitation amount defined in subparagraphs (i) and (ii) of this paragraph for such relocation. See N.Y. General City Law 25-Y
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• general welfare: as used in this article , shall each include the promotion of education, art, beauty, charity, amusement, recreation, health, safety, comfort and convenience, and the promotion, creation, development or expansion of business, commerce, industry or job opportunities, and all of the purposes enumerated in sections twenty, twenty-a, twenty-b, and twenty-e. See N.Y. General City Law 21
• hotel: includes an apartment hotel, a motel, boarding house or club, whether or not meals are served. See N.Y. General City Law 25-S
• hotel: includes , but is not limited to, an apartment hotel, a motel, boarding house or club, whether or not meals are served. See N.Y. General City Law 25-AA
• Hotel services: means any services which consist predominantly of the lodging of guests at a building or a portion thereof which is regularly used and kept open for such services. See N.Y. General City Law 25-Y
• Industrial construction work: means the construction of a new building or structure or the modernization, rehabilitation, expansion or improvement of an existing building or structure for use as industrial property. See N.Y. General City Law 25-Y
• Industrial property: means nonresidential real property containing or which will contain after the completion of industrial construction work a building or structure wherein at least seventy-five percent of the total net square footage is used or immediately available and held out for use for manufacturing activities involving the assembly of goods or the fabrication or processing of raw materials. See N.Y. General City Law 25-Y
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• 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}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• limitation amount: shall mean :
  
  (A) for one or more relocations in an eligible business' latest year of relocation as determined pursuant to subdivision (j) of this section, the amount, if any, by which the number of aggregate employment shares maintained by the eligible business in the eligible area in the taxable year in which it is claiming the credit authorized by this article exceeds the number of aggregate employment shares maintained by it in the eligible area in the taxable year immediately preceding such year of relocation; or
  
  (B) for one or more relocations in a specified year of relocation that is not the latest such year of relocation by an eligible business, the amount, if any, by which the number of aggregate employment shares maintained by the eligible business in the eligible area in the taxable year in which it is claiming the credit authorized by this article exceeds the sum of (I) the number of total attributed eligible aggregate employment shares that are attributed in the taxable year in which the credit is claimed to relocations that took place in years of relocation later than the specified year of relocation and (II) the number of aggregate employment shares maintained by it in the eligible area in the taxable year immediately preceding such specified year of relocation. See N.Y. General City Law 25-Y
• Oath: A promise to tell the truth.
• Particular eligible premises: means the portion of such particular premises that meets the requirements for eligible premises specified in subdivision (e) of this section. See N.Y. General City Law 25-Y
• Particular premises: means all premises occupied by an eligible business within a single building. See N.Y. General City Law 25-Y
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means and includes any individual, partnership, association, joint-stock company, corporation, estate or trust, limited liability company, and any combination of the foregoing. See N.Y. General City Law 25-Y
• Personal property: All property that is not real property.
• 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.
• Quorum: The number of legislators that must be present to do business.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Relocate: means to transfer pre-existing business operations to premises that are or will become eligible premises in accordance with subdivision (e) of this section, or to establish new business operations at such premises, provided that an eligible business shall not be deemed to have relocated unless at least one employee, partner or sole proprietor of the eligible business is transferred to such premises from pre-existing business operations conducted outside the eligible area. See N.Y. General City Law 25-Y
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Retail activity: means any activity which consists predominantly of the sale, other than through the mail or by the telephone or by means of the internet, of tangible personal property to any person, for any purpose unrelated to the trade or business of such person, or which consists predominantly of the selling of services to individuals which generally involve the physical, mental and/or spiritual care of such individuals, or the physical care of the personal property of any person unrelated to the trade or business of such person, or which consists predominantly of the provision of retail banking services. See N.Y. General City Law 25-Y
• Revitalization area: means any area of a city having a population of one million or more, provided that in the city of New York a revitalization area shall mean any district that is zoned C4, C5, C6, M1, M2 or M3 in accordance with the zoning resolution of such city in any area such city except the area lying south of the center line of 96th Street in the borough of Manhattan. See N.Y. General City Law 25-Y
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Total attributed eligible aggregate employment shares: means , for any relocation, the sum of the number of eligible aggregate employment shares apportioned to such relocation pursuant to paragraph one of this subdivision, less any excess shares determined with respect to such relocation pursuant to paragraph two of this subdivision, plus any excess shares attributed to such relocation pursuant to paragraph three of this subdivision. See N.Y. General City Law 25-Y
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}
• Venue: The geographical location in which a case is tried.