What is project Legacy?

The exact words and the context are critical here. We still don't know much about the context.

Are you sure it is not "project's legacy" (which implies that the legacy belongs to the project)?

I hope this source will help you
http://www.thesixthaxis.com/2011/01/10/what-is-project-legacy/

Another definition of a legacy project is one that the company considers to be a burden to support and maintain. It does not by definition imply that the software uses old technology although that is likely to be true.

The term project legacy could mean many different things. It could refer to a project that has the purpose of finding and eliminating software that is old and difficult to maintain.

Note that experienced software people don't use the term project to refer to applications. Please understand that when I say "people in India might use terminology that is different from that used by people whose native language is English" that I am not trying to be critical or anything like that but I am just explaining why some people might misunderstand what is meant by "legacy project".