As used in sections 7-339cc to 7-339kk, inclusive, unless the context otherwise requires:

(1) “Captured assessed value” means the amount, as a percentage or stated sum, of increased assessed value that is utilized from year to year to finance project costs pursuant to the district master plan.

(2) “Current assessed value” means the assessed value of all taxable real property within a tax increment district as of October first of each year that the tax increment district remains in effect.

(3) “District master plan” means a statement of means and objectives prepared by the municipality relating to a tax increment district designed to provide new employment opportunities, retain existing employment, provide housing opportunities, improve or broaden the tax base or construct or improve the physical facilities and structures through the development of industrial, commercial, residential, retail and mixed use, transit-oriented development, downtown development or any combination thereof, as described in section 7-339ff.

(4) “Downtown” means a central business district or other commercial neighborhood area of a community that serves as a center of socioeconomic interaction in the community, characterized by a cohesive core of commercial and mixed-use buildings, often interspersed with civic, religious and residential buildings and public spaces, that are typically arranged along a main street and intersecting side streets and served by public infrastructure.

(5) “Financial plan” means a statement of the project costs and sources of revenue required to accomplish the district master plan.

(6) “Increased assessed value” means the valuation amount by which the current assessed value of a tax increment district exceeds the original assessed value of the tax increment district. If the current assessed value is equal to or less than the original assessed value, there is no increased assessed value.

(7) “Maintenance and operation” means all activities necessary to maintain facilities after they have been developed and all activities necessary to operate such facilities, including, but not limited to, informational, promotional and educational programs and safety and surveillance activities.

(8) “Original assessed value” means the assessed value of all taxable real property within a tax increment district as of October first of the tax year preceding the year in which the tax increment district was established by the legislative body of a municipality.

(9) “Project costs” means any expenditures or monetary obligations incurred or expected to be incurred that are authorized by section 7-339hh and included in a district master plan.

(10) “Tax increment” means real property taxes assessed by a municipality upon the increased assessed value of property in the tax increment district.

(11) “Tax increment district” means that area wholly within the corporate limits of a municipality that has been established and designated as such pursuant to section 7-339dd and that is to be developed under a district master plan.

(12) “Tax year” means the period of time beginning on July first and ending on the succeeding June thirtieth.

(13) “Transit” means transportation systems in which people are conveyed by means other than their own vehicles, including, but not limited to, bus systems, street cars, ferries, light rail and other rail systems.

(14) “Transit facility” means a place providing access to transit services, including, but not limited to, bus stops, bus stations, interchanges on a highway used by one or more transit providers, ferry landings, train stations, shuttle terminals and bus rapid transit stops.

(15) “Transit-oriented development” means the development of residential, commercial and employment centers within one-half mile or walking distance of a transit facility, including rail and bus rapid transit and services that meet transit supportive standards for land uses, built environment densities and walkable environments, in order to facilitate and encourage the use of those services. Transit-oriented development includes, but is not limited to, transit vehicles such as buses, ferries, vans, rail conveyances and related equipment; bus shelters and other transit-related structures; benches, signs and other transit-related infrastructure; bicycle lane construction and other bicycle-related improvements; pedestrian improvements such as crosswalks, crosswalk signals and warning systems and crosswalk curb treatments and the industrial, commercial, residential, retail and mixed-use portions of transit-oriented development projects.

(P.A. 15-57, S. 1.)