The purpose of this article is to provide tax
incentives to encourage the development of a ninety-unit housing development
for seniors on a parcel of land located on and between Route 9W and
Gurnee Avenue in the County of Rockland, Village of Haverstraw, Town
of Haverstraw, such housing development to be owned by a limited partnership,
Haverstraw Place, L.P.
For the purpose of this article, the words and
phrases used herein are defined as follows:
ALLOCATION TABLE
The table setting forth the allocation of tax payments from the project partnership to the Taxing Authorities which table is set forth in §
152-20 hereof.
COUNTY
The County of Rockland, New York.
CLOSING DATE
September 29, 2000, which date is the date the project partnership
acquired the property.
EFFECTIVE DATE
The date of the first occupancy by a tenant of an apartment
unit in the property.
LOCAL AND MUNICIPAL TAXES
Any and all real estate taxes levied by the county, town,
Village, school district or any special district, including ambulance,
sewer, Rockland County solid waste and library taxes, but shall not
include assessments for local improvements.
PROPERTY
That certain parcel of land consisting of approximately 1.92
acres located on and between Route 9W and Gurnee Avenue in the County
of Rockland, Village of Haverstraw and the Town of Haverstraw, more
particularly bounded and described as set forth in Schedule A annexed hereto and having an address of 140 9W North,
Haverstraw, NY 10927.
TOWN
The Town of Haverstraw, New York.
VILLAGE
The Village of Haverstraw, New York.
Except as otherwise set forth in this article, until termination pursuant to §
152-21 of this article, the project partnership shall be exempt from all local and municipal taxes relating to the property.
A. Commencing upon the closing date and until the effective
date, the project partnership shall make payments in lieu of taxes
in the amount of $15,000 per annum to be divided amongst the taxing
authorities in the proportions set forth in the Allocation Table.
B. Commencing upon the effective date and ending upon
the twelve-year anniversary of the closing date, the project partnership
shall make payments in lieu of taxes in the amount of $50,792 per
annum to be divided among the taxing authorities as set forth in the
Allocation Table.
C. Commencing upon the twelve-year anniversary of the
closing date and for a period of two years thereafter, the project
partnership shall make payments in lieu of taxes in an amount equal
to the greater of:
(1) Twenty percent of the local and municipal taxes that
would have been due and payable for such year had no abatement or
exemption been granted to the property partnership pursuant to this
article; or
(2) The amount set forth in Subsection
B above.
D. Commencing upon the date ending the period set forth in Subsection
C above and for a period of two years thereafter, the project partnership shall make payments in lieu of taxes in an amount equal to the greater of:
(1) Forty percent of the local and municipal taxes that
would have been due and payable for such year had no abatement or
exemption been granted to the property partnership pursuant to this
article; or
(2) The amount set forth in Subsection
B above.
E. Commencing upon the date ending the period set forth in Subsection
D above and for a period of two years thereafter, the project partnership shall make payments in lieu of taxes in an amount equal to the greater of:
(1) Sixty percent of the local and municipal taxes that
would have been due and payable for such year had no abatement or
exemption been granted to the property partnership pursuant to this
article; or
(2) The amount set forth in Subsection
B above.
F. Commencing upon the date ending the period set forth in Subsection
E above and for a period of two years thereafter, the project partnership shall make payments in lieu of taxes in an amount equal to the greater of:
(1) Eighty percent of the local and municipal taxes that
would have been due and payable for such year had no abatement or
exemption been granted to the property partnership pursuant to this
article; or
(2) The amount set forth in Subsection
B above.
The exemptions set forth in this article shall
terminate and cease to exist and the project partnership shall be
obligated to pay the full amount of local and municipal taxes:
A. Upon the date ending the period set forth in §
152-18 above; or
B. If, at any time, the project partnership is not subject
to one or more provisions of Article 18 of the Private Housing Finance
Law.