[Adopted 11-3-2009 by L.L. No. 6-2009]
Qualified mixed-use property, as defined in New York State Real Property Tax Law Section 485-a, which is located within the City of North Tonawanda shall be exempt from County taxation and County special ad valorem levies in the same manner and to the same extent as provided in the applicable city, town or village local law.
For purposes of this article, "qualified mixed-use property" is defined as property in which will exist, after completion of residential construction work or a combination of residential construction work and commercial construction work, a building or structure used for both residential and commercial purposes, subsequent to the effective date of this article.
A. 
Such real property shall be exempt for a period of eight years to the extent of 100% of the increase in assessed value thereof attributable to such reconstruction, alteration or improvement and for an additional period of four years; provided, however, that the extent of such exemption shall be decreased by 20% for each year during such additional period of four years and such exemption shall be computed with respect to the "exemption base," with the exemption base being determined for each year in which there is an increase in assessed value so attributable from that of the previous year's assessed value.
Years of Exemption
Percentage of Exemption Base Exempt From Tax
Years 1 through 8
100%
Year 9
80%
Year 10
60%
Year 11
40%
Year 12
20%
B. 
No such exemption shall be granted unless:
(1) 
Such conversion was commenced subsequent to the date on which this article becomes effective;
(2) 
The cost of such conversion exceeds the sum of $10,000, or such other amount as set forth in the city, town and/or village local law adopting this statute;
C. 
For purposes of this article, the term "conversion" shall not include ordinary maintenance and repairs. (The following shall not be considered conversion except to the extent that they are a part of an addition, remodeling or modernization: exterior painting; the replacement of exterior siding; interior painting; plastering; paneling or wallpapering; replacement of flooring or floor coverings; repairs to electrical or plumbing systems. This is illustrative only and not exhaustive.)
Such exemption shall be granted only upon application by the owner of such real property on a form prescribed by the New York State Board of Real Property Services, the original of which shall be filed with the assessor for the City of North Tonawanda and/or such other city, town or village that has approved this exemption. Such application shall be filed on or before the tax status date applicable to the City of North Tonawanda and/or such other city, town or village that has approved this exemption and within one year from the date of completion of such conversion.
No such exemption shall be granted concurrent with or subsequent to any other real property tax exemption granted to the same improvements to real property, except, where during the period of such previous exemption, payments in lieu of taxes or other payments were made to the local government in an amount that would have been equal to or greater than the amount of real property taxes that would have been paid on such improvements had such property been granted an exemption pursuant to this article. In such case, an exemption shall be granted for a number of years equal to the twelve-year exemption granted pursuant to this article less the number of years the property would have been previously exempt from real property taxes.
The provision of this article shall only apply to nonresidential real property converted to mixed-use property.
This article shall take effect immediately and shall apply to all assessment rolls prepared on the basis of taxable status dates occurring on or after the effective date of this article.