Residential buildings that are reconstructed, altered or improved,
pursuant to § 485-r of the New York State Real Property
Tax Law shall be exempt from taxation and special ad valorem levies
levied.
As used in this article, the following terms shall have the
meanings indicated:
BASE ASSESSMENT
The assessed value of the property on the day the City of
Batavia designates the property as redevelopment inhibited.
EXEMPTION PERIOD
The gap financing costs divided by the incremental increase
in annual property taxes resulting from the redevelopment. The exemption
period is rounded up to the nearest whole number and may not exceed
25 years.
GAP FINANCING COSTS
The total cost of the property's redevelopment as approved
by the local government minus the increase in the full valuation of
the property upon completion of the redevelopment.
INCREASED ASSESSMENT
The assessed value of the property as is determined by the
Assessor upon completion of the redevelopment.
REDEVELOPMENT INHIBITED PROPERTY
A residential property that been neglected or abandoned because
of the local economic conditions and/or conditions on the property
that inhibit the property from being redeveloped by the private sector.
Land that is undeveloped may not be designated as redevelopment inhibited
property.
The City of Batavia shall designate any property within the
City boundaries as a redevelopment inhibited property if one or more
of the following are met:
A. The City has acquired title to the property pursuant to Real Property
Actions and Proceedings Law Article 19-A; or
B. The property has been continuously vacant for a period of at least
three years; or
C. The City has acquired title to the property via foreclosure for unpaid tax pursuant to Article
11 of the Real Property Tax Law; or
D. The property has outstanding zoning, housing, or Uniform Code violations
and the cost of remedying the violations exceeds the property's value.
This article shall take effect immediately.