[1]
Editor's Note: This local law also provided that the term
of the economic development zone in the City of Yonkers is hereby
extended until 1-31-2004, unless terminated sooner pursuant to § 969
of the General Municipal Law.
A.
The City of Yonkers hereby elects to provide for exemptions from
taxation and special ad valorem levies in accordance with § 485-e
of the Real Property Tax Law for any real property constructed, altered,
installed or improved in an area designated an economic development
zone pursuant to Article 18-B of the General Municipal Law. For exemptions
commencing after January 1, 1998, the amount of the exemption shall
be 100% of the base amount as determined by Subdivision 2 of § 485-e
of the Real Property Tax Law for the first seven years thereafter.
In the eighth, ninth and tenth years, from the date said exemption
is granted, the amount of such exemption shall be 75%, 50% and 25%
of the base amount determined pursuant to Subdivision 2 of § 485-e
of the Real Property Tax Law.
B.
The exemptions provided for by this article shall remain in effect
during the period beginning on the date of the granting of each said
exemptions and ending 10 years thereafter or the date of the termination
of the economic development zone pursuant to § 969 of the
General Municipal Law, whichever is sooner.
