[Adopted 1-13-2004 by L.L. No. 1-2004,
approved 1-30-2004; amended in its entirety 1-12-2010 by L.L. No. 1-2010, approved 1-27-2010]
Pursuant to § 485-a of the Real Property
Tax Law, and as provided under this article, this Body hereby authorizes
an exemption from real property taxation and special ad valorem levies
attributable to the increase in assessed value associated with the
conversion to mixed residential-commercial use for properties eligible
for said exemption.
[Amended 1-8-2013 by L.L.
No. 1-2013; 1-12-2016 by L.L. No. 1-2016; 1-8-2019 by L.L. No. 4-2019; 1-11-2022 by L.L. No. 1-2022]
A.
An eligible real property must be located within the
City of Rochester Center City Zoning District. The cost of the conversion
to mixed-use residential-commercial shall have a minimum cost of $250,000
and provided further that as a result of the conversion at least 25%
of the total developed floor space is used for residential purposes.
Moreover, for properties that qualify for participation in the exemption
program on the basis of a conversion project that is commenced by
means of a building permit issued on or after January 1, 2022:
(1)
No
less than 20% of the premises' residential units shall be affordable
to households earning no more than 60% of the median income for households
of the same size in the Rochester Metropolitan Statistical Area ("Area
Median Income" or "AMI"); and
(2)
Prior
to hiring and retaining the contractors, consultants, workers and
commodity vendors for said conversion project, the developer shall
commit to comply with the minority and women business enterprise ("MWBE")
and workforce development goals mandated for public works in Rochester
City Ordinance No. 2018-54, or as modified or replaced by any subsequent
ordinances; the developer shall submit to the City of Rochester MWBE
Officer ("MWBE Officer") and obtain said MWBE Officer's approval for
a detailed plan that describes how the developer will seek to achieve
the City of Rochester's MWBE and workforce participation goals ("MWBE
Plan"), which shall include reporting and documentation requirements;
and a property's eligibility for the exemption program may be denied
or revoked if the MWBE Officer determines that the conversion project
has not been conducted in accordance with an approved MWBE Plan.
B.
This article shall be in effect for the years of 2004
through 2024 assessment rolls. Any property that is granted an exemption
on one of those rolls shall remain eligible for the additional years
of exemption on that property, provided the property continues to
meet the requirements of § 485-a.
The exemption is calculated as a percentage
of the exemption base, which is the increase in assessed value attributable
to the conversion. The base shall be determined for each year in which
there is such an increase attributed to an eligible conversion. The
exemption is to be calculated by the following method:
|
Year of Exemption
|
Percentage of Exemption
|
|---|---|
|
1 through 8
|
100% of exemption base
|
|
9
|
80% of exemption base
|
|
10
|
60% of exemption base
|
|
11
|
40% of exemption base
|
|
12
|
20% of exemption base
|
Application for such exemption must be made
by the owner or all of the owners of the property on forms prescribed
by the State Board to be furnished by the appropriate assessing authority
and shall furnish the information and be executed in the manner required
or prescribed in such forms and shall be filed in such Assessor's
office at least 90 days before the date for filing the final assessment
roll.
