[Adopted 6-14-1990 by L.L. No. 6-1990]
The purpose of this article is to provide the Delatour Housing Development Fund Company, Inc., with a certain tax exemption and abatement for the Delatour Senior Citizen Housing Project, as prescribed by §§ 577 and 1106-h of the New York State Private Housing Finance Law, thereby facilitating the economic feasibility of said project and allowing the Town of Colonie and eligible persons of low and moderate income who live in said project to benefit from the financial assistance to be afforded said project in the form of such tax exemption and abatement. The Delatour Housing Development Fund Company, Inc., is presently developing a senior citizen housing project in the Town of Colonie, on a nonprofit basis, for persons of low and moderate income, particularly handicapped and/or aged persons and families, where no adequate housing exists for such persons, the development of which is to be aided by a grant or loan from the New York State Housing Trust Fund Corporation pursuant to the Low Income Turnkey/Enhanced Housing Trust Fund Program. The Town Board hereby finds that such tax exemption and abatement authorized by Articles XI and XVIII-A of the New York State Private Housing Finance Law are both necessary for the development and continued operation of said project and proper for the Town to assist in the development and maintenance of safe, decent and affordable housing for the citizens of the Town of Colonie.
A. 
Effective as hereinafter provided, the following described real property, together with all improvements located thereon (hereinafter "housing project"), shall be entitled to the tax exemption and abatement as provided for in this article:
  All that tract, piece or parcel of land situate, lying and being in the Town of Colonie, County of Albany and State of New York, being more particularly bounded and described as follows:
  Beginning at a point in the easterly bounds of Delatour Road at the intersection of the easterly bounds of Delatour Road with the common bounds of lands of the grantors herein described to the south and lands now or formerly of Lake Shore Park Apartments, Book 1939 of Deeds at Page 177, to the north; thence along said common bounds south 71 degrees 55 minutes 55 seconds east a distance of 170.29 feet to a point; thence through the lands of said grantors the following three courses: (1) south 17 degrees 29 minutes 15 seconds east a distance of 337.50 feet to a point; (2) south 72 degrees 30 minutes 45 seconds west a distance of 261.49 feet to a point; (3) south 37 degrees 53 minutes 50 seconds west a distance of 67.55 feet to a point in the southerly bounds of lands of the grantors herein described; thence along said southerly bonds the following three courses: (1) north 52 degrees 6 minutes 10 seconds west a distance of 32.40 feet to a point; (2) south 37 degrees 53 minutes 50 seconds west a distance of 35.00 feet to a point; (3) north 52 degrees 6 minutes 10 seconds west a distance of 257.00 feet to a point in the easterly bounds of Delatour Road; thence along said bounds, north 37 degrees 53 minutes 50 seconds east a distance of 451.71 feet to the point of beginning, containing 3.66 acres of land.
B. 
The Delatour Senior Citizen Housing Project shall be exempt from local and municipal taxes, including school taxes, other than assessments for local improvements, to the extent of all of the value of the improvements to the property included in the completed Senior Citizen Housing Project (not including land); said tax exemption shall operate and continue for such period as the Delatour Housing Development Fund Company, Inc., Senior Citizen Housing Project is aided by a grant or loan from the New York State Housing Trust Fund Corporation pursuant to the Low Income Turnkey/Enhanced Housing Trust Fund Program and complies with said program guidelines to provide housing assistance to persons of low income, particularly handicapped and/or aged persons and families of low income, but in no event for a period of more than 40 years, commencing from the date on which the benefits of said exemption first become available and effective.
C. 
The Delatour Senior Citizen Housing Project shall be further exempt from real property special ad valorem levies and special assessments to the extent of all of the value of the improvements of the property included in the completed turnkey/enhanced rental project pursuant to Article XVIII-A of the New York State Private Housing Finance Law (not including land); said tax exemption shall operate and continue for such period as the Delatour Housing Development Fund Company, Inc., Senior Citizen Housing Project remains subject to Article XVIII-A of the New York State Private Housing Finance law and complies with such guidelines to provide housing assistance as prescribed therein, but in no event for a period of more than 60 years, as limited by Article 18, Section 2, of the New York State Constitution, commencing from the date on which the benefits of said exemption first becomes available and effective.
D. 
The Delatour Senior Citizen Housing Project shall be further provided with a tax abatement of all of the property taxes which are payable to the Town of Colonie from said project (Town taxes only); said tax abatement shall operate and continue for such period as the Delatour Housing Development Fund Company, Inc., Senior Citizen Housing Project remains subject to Article XVIII-A of the New York State Private Housing Finance Law and complies with such guidelines to provide housing assistance as prescribed therein, but in no event for a period of more than 60 years, as limited by Article 18, Section 2, of the New York State Constitution, commencing from the date on which the benefits of said exemption first become available and effective.