[Adopted 12-11-1995 by L.L. No. 6-1995 (Ch. 59, Art. V, of the 1965 Code)]
Pursuant to the provisions of Subdivision 9 of § 485-b of the Real Property Tax Law, there is hereby created and established a board to be known as the "Industrial and Commercial Incentive Board."
The Industrial and Commercial Incentive Board shall be comprised of seven members to be appointed by the Village Board of Trustees. Persons other than those residing within the Village limits may be appointed to membership on the Incentive Board. All appointments shall be made for terms of three years, provided that the initial terms of two of the first members appointed to the Board shall be for a period of one year, and the initial terms of another two of the first members appointed to the Board shall be for a period of two years.
The Board shall have and exercise all of the powers and duties authorized and provided in Real Property Tax Law § 485-b, including but not limited to the preparation and presentation of a plan to the Village Board of Trustees concerning the various types of business real property which should be granted eligibility for an exemption pursuant to this article and the specific geographic areas within which the exemptions should be offered, as well as make recommendations to the Village Board of Trustees with respect to actions it deems desirable to improve the economic climate in the Village.
All business real property located adjacent to either side of the specific geographic areas of the following streets and avenues shall be eligible for an exemption pursuant to Subdivision 1 of § 485-b of the Real Property Tax Law:
A. 
Broadway, from its intersection with Main Street northerly to its intersection with Lake Colby Drive and Upper Broadway.
B. 
Lake Colby Drive, from its intersection with Broadway and Upper Broadway northerly to the Village corporation line.
C. 
Main Street, from the bridge over Lake Flower northeasterly and easterly to its intersection with Church Street.
D. 
Woodruff Street, from its intersection with Broadway easterly to Church Street.
E. 
Bloomingdale Avenue, from its intersection with Broadway easterly to its intersection with the railroad right-of-way.