This article shall be known as the "Local Industrial
and Commercial Real Property Tax Incentive Law." This article is established
pursuant to a plan presented by the Local Industrial and Commercial
Incentive Board established by Local Law No. 4-1996 in conformance
with § 485-b of the Real Property Tax Law.
The purpose of this article is:
A. To implement a commercial and industrial tax incentive
program within target areas of the Town of Greece pursuant to § 485-b,
entitled "Business investment exemption," of the Real Property Tax
Law.
B. To encourage economic development within designated
target areas through real property tax relief.
C. To maximize tax collection by the elimination of the
tax exemption program in all other areas of the Town.
D. To encourage participation in this tax abatement program
with other jurisdictions, but mot importantly school districts, which
previously have not allowed for any tax incentive program.
E. To encourage development expansion within industrial
zoned property.
As used in this article, the following terms
shall have the meanings indicated:
EXEMPTION BASE
The increase in assessed valuation attributable to the construction,
modification, addition and alteration of and to buildings and structures
in accordance with the criterion established within this article.
QUALIFIED COMMERCIAL AND INDUSTRIAL REAL PROPERTIES
All industrial and commercial real properties identified
and listed in the Standard Industrial Classification (SIC) Manual
published by the United States government and constructed, altered,
installed or improved subsequent to the effective date of this article.
TARGET AREA
The defined geographic areas identified by the LICIB target
area map and further identified by tax account numbers as contained
in the committee report, Appendixes A-1 through A-10, and which were
reaffirmed February 4, 1997.
Eligibility shall be based upon the following
qualifying criteria:
A. Real property must be located within the target areas;
and therefore, be it resolved that the current § 485-b exemption
program be eliminated from all other sections of the Town.
B. Real property must be a qualified industrial and commercial
real property.
C. The cost of construction, modification, addition and
alteration shall meet or exceed the following thresholds:
|
Target Area
|
Cost
|
---|
|
No. 1
|
$10,000
|
|
No. 2
|
$10,000
|
|
No. 3
|
$10,000
|
|
No. 4
|
$50,000
|
|
No. 5
|
$50,000
|
|
No. 6
|
$50,000
|
|
No. 7
|
$50,000
|
|
No. 8
|
$50,000
|
|
No. 9
|
$50,000
|
|
No. 10
|
$10,000
|
Exemptions pursuant to this article shall be
computed pursuant to the following accelerated strategic exemption
schedule:
Year of Exemption
|
Percentage of Assessment Reduction
|
---|
1
|
50%
|
2
|
50%
|
3
|
50%
|
4
|
40%
|
5
|
30%
|
6
|
20%
|
7
|
10%
|
8
|
10%
|
9
|
10%
|
10
|
5%
|