[Adopted 3-1-1995 as L.L. No. 2-1995]
The Town Board, pursuant to § 1106-h
of the New York State Private Housing Finance Law, hereby exempts
from property taxes, for a period of 20 years, the River Road Turnkey
Project at Westminster Place, L.P., consisting of a parcel of land
located at 3883 East River Road.
Such exemption shall take effect upon the completion
of the construction of the project and the transfer of the ownership
of the project from the River Road Development Fund Corporation. In
lieu of payment of property taxes, Westminster Place, L.P., shall
make annual payments to the Town of Henrietta equal to 20% of its
annual shelter rents. Shelter rents shall equal gross rents less common
utility costs.
On or before the expiration of the exemption
period, Westminster Place, L.P., may apply for an additional exemption
period of not more than 20 years, subject to approval of the Town
Board of both the exemption and a payment-in-lieu schedule described
herein.
The Supervisor is hereby authorized to enter
into an agreement with Westminster Place, L.P., to implement the tax
exemption and the payment-in-lieu schedule described herein.
The agreement shall contain such additional
terms and conditions as the Supervisor deems to be appropriate.
