This article is authorized pursuant to Real Property Tax Law
§ 485-a.
The Town Board hereby enacts this article to encourage businesses
to improve existing properties within the business districts. This
article will allow eligible businesses to receive tax incentives,
amortized over a twelve-year period for new buildings and improvements,
as set forth in Real Property Tax Law §485-a. All terms and definitions
of such §458-a shall be equally applicable in this article.
APPLICANT
Any individual, corporation, limited liability company, partnership,
association, agency, trust, estate, foreign or domestic government
or subdivision thereof, or other entity obligated to pay real property
taxes on the property for which an exemption from real property taxes
under this article is sought.
COMMERCIAL CONSTRUCTION WORK
The modernization, rehabilitation, expansion or other improvement
of the portion of mixed-use property to be used for commercial purposes.
COMMERCIAL PURPOSE OR USE
The buying, selling or otherwise providing of goods or services,
including hotel services, or other lawful business or commercial activities
permitted on mixed-use property.
MIXED-USE PROPERTY
Property on 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.
RESIDENTIAL CONSTRUCTION WORK
The creation, modernization, rehabilitation, expansion or
other improvement of dwelling units, other than dwelling units in
a hotel, in the portion of mixed-use property to be used for residential
purposes.