[Adopted 7-18-1983 by L.L. No. 2-1983 as Ch. X, Art. IV, Div. 3, of the 1983 Code]
It is the intent of the Common Council to encourage full utilization of existing industrial and commercial structures and the development of new industrial and commercial establishments within the City of Albany, thereby increasing productivity and competitiveness and enhancing employment levels, through the granting of a tax exemption on the construction, improvement or expansion of such structures and establishments.
The City of Albany is hereby relieved of the application of Chapter 278 of the Laws of 1976 of the State of New York (§ 485-b of the Real Property Tax Law) and is exempted from the provisions contained therein.
The Industrial and Commercial Incentive Board of the City of Albany is hereby established and constituted, consisting of the City Assessor and the members of the Board of Estimate and Apportionment, all of whom shall serve without compensation. A majority of the members shall constitute a quorum.
The members of the Board shall have the following functions, powers and duties:
To receive and review applications for certificates of eligibility pursuant to this article.
To make findings and determinations on the qualifications of applicants for certificates of eligibility pursuant to this article.
To issue certificates of eligibility and amendments thereto.
To make recommendations on the termination of a tax exemption.
To make and promulgate rules and regulations to carry out the purposes of the Board.
So far as practicable and subject to the approval of the Mayor, the services of all other City departments and agencies shall be made available by their respective heads to the Board for the carrying out of the functions stated in this article. The head of any department or agency shall furnish information in the possession of such department or agency when the Board, after consultation with the Mayor, so requests.
A real property tax exemption may, at the discretion of the Board, be granted to an applicant who has commenced after January 1, 1976, and completed after July 1, 1976, any industrial or commercial construction, addition or improvement in the City of Albany of a value of $10,000 or greater.
The Board may grant an exemption for 10 tax years of no more than 50% of the difference between the final assessed value of the property as determined upon completion of the new construction work and the assessed value of the property at the time a certificate of eligibility pursuant to this article is issued, in an amount decreasing by 5% each year; provided, however, that the property shall continue to be used for industrial or commercial purposes.
[Amended 7-17-1984 by L.L. No. 6-1984]
The tax exemption may be computed according to the following table, or according to a table compiled by the Board, in its discretion, and in accordance with the provisions of this article.
If reconstruction or construction is not completed in accordance with the certificate of eligibility, including any amendment thereto, taxes shall be due and payable retroactively as otherwise required by law.
If, during the tenure of the exemption, there is an increase in the assessed valuation of the property, it shall be in the discretion of the Board whether the exemption percentage shall apply to such increase.
The provisions of this article shall not apply to any increase in assessed value resulting from the reconstruction or construction of a residential structure on any property receiving an exemption under the provisions of this article. The provisions of this article shall apply exclusively to those structures and the lands underlying them which were identified explicitly in the certificate of eligibility.
[Amended 4-4-1988 by L.L. No. 1-1988; 7-2-1990 by L.L. No. 3-1990]
Applications for a certificate of eligibility pursuant to this article shall be submitted on such form or forms as shall be prescribed by the Board. In addition to any other information required by the Board, the application shall include plans for reconstruction or construction that have been certified by a professional engineer or an architect of the applicant's choice and cost estimates or bids for the proposed reconstruction or construction. The Board shall issue a certificate of eligibility upon determining that the applicant has obtained professional engineer or architect approved plans for the construction or otherwise has complied with the law and upon determining that the construction of such commercial structure at the proposed location is in the public interest. No such exemption shall be granted unless application shall be made for the same within one year from the date of completion of such construction, alteration, installation or improvement.
Upon completion of the reconstruction or construction work, the applicant shall notify the Board in writing of such completion. The Board shall determine the eligibility of the applicant for the tax exemption and shall note the Treasurer and Assessor.
The tax exemption approved by the Board shall continue in accordance with this article, provided that the applicant files an annual certificate of continuing use stating that the structure continues to be used for industrial or commercial purposes justifying the issuance of a certificate of eligibility. The certificate of continuing use shall be filed with the Board on such form or forms as shall be required by the Board. The Board shall have authority to terminate a tax exemption upon failure of an applicant to file an annual certificate of continuing use or upon the recommendation of the Finance Administrator who, in reviewing the certificate filed by an applicant, has determined that the structure has ceased to be used for industrial or commercial purposes justifying the issuance of a certificate of eligibility.
This article shall take effect immediately.