This article is enacted for the purpose of amending Local Law
No. 2 of the Year 1998, enacted pursuant to § 485-b of the
Real Property Tax Law, granting a business investment exemption from
taxation and special ad valorem levies, except for fire district taxes,
and shall be applied in accordance with that statute, as amended from
time to time.
As used in this article, the following terms shall have the
meanings indicated:
BUSINESS INVESTMENT
Construction, alteration, or improvement to commercial, business
or industrial real property. This article does not apply to property
used primarily for the furnishing of dwelling space or accommodations
to either residents or transients other than hotels or motels.
COMMERCIAL
Used primarily for buying, selling, storing or developing
goods or services, the manufacture or assembly of goods or the processing
of raw materials.
This article does not establish a local industrial and commercial
incentive board.
In the event that the real property granted an exemption pursuant
to this article ceases to be used primarily for eligible activities,
the exemption granted pursuant to this article shall cease.