[HISTORY: Adopted by Common Council of City of North Tonawanda 12-7-1976 as L.L. No.
2-1976. Amendments noted where applicable.]
[1]
Editor's Note: This chapter was adopted as an amendment
to the Charter and was numbered as L.L. No. 1-1976. It was corrected
by resolution adopted 1-11-1977 to become an amendment to the Code
and to be known as L.L. No. 2-1976.
Pursuant to Chapter 798 of the Laws of 1976 of the State of
New York and §§ 115, 117, 118 and 120 of the Commerce
Law and § 485 of the Real Property Tax Law, the City Assessor
and Board of Assessment Review shall have the power and be charged
with the duty to carry out the purposes and intent of said laws to
grant eligible business facility owners or operators, as defined by
said laws, tax exemptions or credit from taxes and special ad valorem
assessments imposed subsequent to July 1, 1976, upon any new or increased
capital investment in construction, reconstruction, erection or improvements
to depreciable real property.
It shall be necessary, to qualify for such exemption, for the
owner or operator of an eligible business facility to obtain a certificate
of eligibility from the New York State Job Incentive Board and to
file same with applicable forms as prescribed by the Board of Equalization
and Assessment with the City Assessor before the applicable taxable
status date.
Upon submission of the aforesaid application and proof of eligibility,
the City Assessor shall consider such application for such exemption
and, if found to be in order, shall determine the assessed value of
the improvements and the value of the exempt portions thereof and
enter such values on the appropriate exempt or nonexempt assessment
rolls.
The City Assessor shall be authorized and empowered hereby to
grant exemption from taxation and special ad valorem levies for eligible
firms and eligible projects in the amount of 100% for 10 years. Such
exemptions so granted shall continue from year to year during the
period of years as above provided as long as the certificate of eligibility
remains in force and is not revoked or modified pursuant to § 120
of the Commerce Law.
No firm or project shall be granted tax exemption for new capital
investment in depreciable real property under this law if said firm
and said investment have previously been granted exemption from taxes
under Chapter 278 of the Laws of 1976 or other laws which have or
may be passed.
This local law shall take effect immediately.
