The purpose of this article is to afford and
provide a partial exemption from general municipal taxes for property
located within a designated Economic Development Zone (EDZ) within
the City of Watervliet and in accordance with § 485-e of
the Real Property Tax Law of the State of New York (RPTL).
This exemption may not be granted concurrent
with or subsequent to any other property tax exemption with respect
to the same improvements, except that a subsequent exemption may be
granted where, during the period of a previous exemption, payments
in lieu of taxes or other payments were made to a local government
in an amount equal to or greater than the amount of taxes that would
have been paid on the improvements had the property been granted an
exemption pursuant to RPTL § 485-e. In that case, the property
may be eligible for a § 485-e exemption for a period of
up to 10 years less the number of years such payments to the local
government were made.
Application for the exemption authorized herein
shall be made within one year of the date of the completion of the
project.