[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.
A.
The members of the Board shall have the following
functions, powers and duties:
(1)
To receive and review applications for certificates
of eligibility pursuant to this article.
(2)
To make findings and determinations on the qualifications
of applicants for certificates of eligibility pursuant to this article.
(3)
To issue certificates of eligibility and amendments
thereto.
(4)
To make recommendations on the termination of a tax
exemption.
(5)
To make and promulgate rules and regulations to carry
out the purposes of the Board.
B.
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.
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.
B.
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.
|
Year Following Completion of Work
|
Percentage of Exemption
(applied as per § 333-46B herein)
|
|---|---|
|
1
|
50
|
|
2
|
40
|
|
3
|
30
|
|
4
|
20
|
|
5
|
10
|
|
6
|
0
|
|
7
|
0
|
|
8
|
0
|
|
9
|
0
|
|
10
|
0
|
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.
