The purpose of this article is to encourage industrial and other
business enterprises to locate, expand and improve facilities in the
City of Mount Vernon and to provide job opportunities and job training
for residents of said City by granting real property tax credits and
exemptions for periods as specified herein.
The Commissioner of Assessment and Taxation shall have the power
and be charged with the duty to carry out the purpose and intent of
Article 4-A of the Commerce Law, § 485 of the Real Property
Tax Law and the other applicable laws of the State of New York, to
grant eligible business facility owners or operators, as defined by
the aforesaid state laws, tax exemption or tax credits from taxes
and special ad valorem levies imposed to the extent hereinafter set
forth of any increase in the value of the capital improvements commenced
on or after July 1, 1971, consisting of construction, reconstruction,
erection or improvements of depreciable real property, as certified
in the certificate of eligibility issued by the New York State Urban
Job Incentive Board.
This article shall take effect the first day of September 1971.