Glossary of Terms

Age-Restricted Housing
Generally, these are housing units which require the lessor or purchaser to be a minimum age (typically, 55 and older).  No children are permitted to live in such units.
BOE Operating Balance
BOE operating expenditure less all salaries, wages, associated fringe benefits, and interfund transfers.
BOE Operating Expenditures
Board of Education (BOE) operating expenditures consist of total school district expenditures.
Back Office/Tech
A company made up of administration and support personnel who are not client-facing. Back-office functions include settlements, clearances, record maintenance, regulatory compliance, accounting, and IT services.
Community Shopping Center
A retail property offering a wider range of apparel and general merchandise. The gross leaseable area generally runs from 100,000 square feet to 350,000.
Convenience Retail Center
These are very small properties that are filled with convenience-based retailers, such as dry cleaners, nail salons, drug stores and other types of shops where customers are looking for a quick purchase or service.
Fast Food Restaurant
Fast food restaurants emphasize speed of service. Food is ordered not from the table, but from a front counter or an electronic terminal. Drive-through and take-out service may also be available. Also known in the restaurant industry as QSRs or quick-service restaurants.
First Stabilized Year
Generally, stabilized occupancy of commercial real estate (e.g., apartment buildings, shopping centers, and office buildings) occurs several months to two years after the commercial property is opened to receive tenants. Stabilized occupancy generally occurs at the point where a stable vacancy rate is achieved (e.g., five percent for an apartment building and 10 percent for office buildings and retail centers). It is at this stabilized vacancy when market value is best determined.
Grocery Store
A store primarily engaged in retailing a general range of food products, which may be fresh or packaged.
Gross Leasable Area (GLA)
All square footage under roof, including not leasable areas (e.g., stairwells, hallways, utility rooms, public restrooms, and on-site management office space).
Loaded Cap Rate
A loaded capitalization (cap) rate involves adding the municipality’s ad valorem tax rate to the market cap rate. The tax assessor then estimates the share of real property taxes to be removed from the net operating income (NOI) and then divides the resultant amount by the loaded cap rate to derive a property’s market value.
Local Share Percentage
The percentage share of the educational expenditures which will be raised through the local tax levy.
Refers to the renting of a short-term dwelling such as a hotel, motel, hostel, inn or  bed and breakfast.
Logistics Center
A facility dedicated to logistical operations and might be a warehouse, freight forwarder, or a repair depot.
Medical Office
A building that leases space for use in the processing and/or provision of office-based outpatient or other medical related services.
Multi-Family Condo
Multifamily residential building where the units are owned individually¬†with co-ownership (by percentages) of all of the common areas, such as corridors, hallways, stairways, lobbies, recreation rooms, porches, rooftops, and any outdoor areas of the grounds of the buildings. Also referred to as “condominiums.”
Multifamily Residential
Multifamily residential is a classification of housing where multiple separate housing units for residential inhabitants are contained within one building or several buildings within one complex.
Municipal Operating Balance
Municipal operating expenditures less all wages and salaries, associated fringe benefits, capital paydown, debt service, and capital outlays.
Municipal Operating Expenditures
Municipal operating expenditures consist of total municipal government expenditures, capital paydown, debt service, and capital outlays.
Net Financial Impacts
Equal to total municipal and school district revenues minus total municipal and school district service costs.
Per Pupil Public School Expenditure
Derived by dividing a school district’s reported total education expenditures for a given year by the district’s school enrollment for the same year.
Professional Office
An office for professionals such as lawyers, architects, engineers, artists, musicians, designers, teachers, accountants and others who through training are qualified to perform services of a professional nature and where no storage or sale of merchandise exists, except as accessory to the professional services.
Single-Family Detached
A free-standing residential building sometimes referred to as a single-family home, as opposed to a multi-family residential dwelling.
Sit Down Restaurant
A dining restaurant with table service, rather than a fast food restaurant or a diner, where one orders food at a counter.
Small Service Retail
Service-oriented businesses tyically employing fewer than 50 people. 
Total Expenditures
Total expenditures are all annual expenditures as reported in the general fund and represent the combined expenditures to be made for municipal and school district service delivery purposes, inclusive of all debt service payments and capital outlays.
A townhouse is used to describe units mimicking a detached home that are attached in a multi-unit complex. The distinction between living units called apartments and those called townhouses is that townhouses usually consist of multiple floors and have their own outside door as opposed to having only one level and/or having access via an interior corridor hallway or via an exterior balcony-style walkway. 
Vacancy and Credit Loss Factor
The estimad vacancy factor for the first stabilized year (the first stabilized year, typically, occurs within 30 months of the project receiving a certificate of occupancy).
Flex buildings are, by design, ‚Äúflexible‚ÄĚ and allow for a wide range of office and warehouse uses.¬†They can be used for many purposes and are easier to retrofit to meet a company‚Äôs needs than typical warehouse buildings. Flex buildings usually have slightly-lower ceiling clear height (14 ‚Äď 24 ft clear) and have a larger percentage of office space than a typical distribution warehouse building.