Town of Eden, NY Article III Business Investment Exemption

[Adopted 8-8-2001 by L.L. No. 7-2001]

§ 192-5 Findings.

The report and recommendation of the Industrial and Commercial Incentive Board dated June 2001, is adopted, and the Eden Town Board hereby finds that the adoption of an accelerated strategic exemption schedule is necessary to encourage targeted economic development, create or retain permanent private sector jobs, provide employment opportunities and broaden the tax base.

§ 192-6 Applicability.

A. The exemption from taxation and specific ad valorem levies authorized by Real Property Tax Law § 485-b shall be available only to conforming uses in the following zoning districts as defined in the Town of Eden Zoning Law:[1]

(1) Office Business (OB).

(2) Local Business (LB).

(3) General Business (GB).

(4) Planned Industrial (PI).

(5) General Industrial (GI).

[1] Editor's Note: See Ch. 225, Zoning.

B. In no event shall utility, microwave or telecommunications towers be eligible for this exemption.

§ 192-7 Qualification for exemption; amount of exemption.

A. The eligible construction, alteration, installation or improvement must exceed $10,000 in cost in order to qualify for the investment exemption. Applicants apparently meeting this criteria shall be given an application for the exemption at the time of issuance of their building permit. Applications which are approved for this basic exemption shall he entitled to exemption computed using the following table from RPTL § 485-b2(a)(iii):

	Year of Exemption	Percentage of Exemption
	1	50%
	2	45%
	3	40%
	4	35%
	5	30%
	6	25%
	7	20%
	8	15%
	9	10%
	10	5%

B. Eligible construction, alteration, installation or improvement which exceeds the sum of $50,000 shall be entitled to receive exemption using the following accelerated strategic exemption schedule set forth in Subdivision 12 of § 485-b of the New York State Real Property Tax Law.

	Year of Exemption	Percentage of Exemption
	1	50%
	2	50%
	3	50%
	4	40%
	5	30%
	6	20%
	7	10%
	8	10%
	9	10%
	10	5%