[Adopted as Ch. 97, Art. III, of the 1986 Code]
As used in this article, the following terms shall have the meanings indicated:
ELIGIBLE PROPERTY
Any new or rehabilitated housing development subject to a mortgage, the loan for which was made or financed by notes, bonds or other obligations of the New York State Housing Finance Agency, the interest on which is exempt from taxation pursuant to the Internal Revenue Code of 1954, as amended.
HOUSING DEVELOPMENT
The same meaning as set forth in § 42 of the Private Housing Finance Law.
Eligible property within the Town of Potsdam shall, subject to the limits set forth in §§ 268-10 and 268-11, be exempt from all taxes, other than assessments for local improvements, imposed by the Town of Potsdam and the Potsdam Central School District, during construction or rehabilitation and so long thereafter as such mortgage is outstanding and the housing development is used for residential unit purposes, for an aggregate period not to exceed 15 years after the taxable status date immediately following the completion thereof.
The exemption provided by § 268-9 hereof shall be calculated not to exceed the following exemptions: three years of full exemption, followed by three years of exemption from 80% of such taxation, followed by three years of exemption from 60% of such taxation, followed by three years of exemption from 40% of such taxation, followed by three years of exemption from 20% of such taxation.
Notwithstanding the above, the exemption herein provided for such exemption period shall be subject to the following limitations:
A. 
Taxes shall be paid in at least the amount of taxes paid on such land and improvements thereon during the tax year preceding the commencement of such construction or rehabilitation.
B. 
In no event shall the exemption herein provided for be availed of concurrently with other exemptions from such taxes provided by law.