Pursuant to the provisions of Subsection 7 of
§ 485-b of the Real Property Tax Law of the State of New
York, the Town of Ithaca hereby reduces the business investment exemption
to an amount equal to 0%.
A project in course of construction pursuant
to a building permit issued by the Town of Ithaca at the time of the
adoption of this article, and exemptions existing prior in time to
the adoption of this article shall not be subject to the reduction
in the business investment exemption adopted herein.
This article and the reduction in the Business
Investment Exemption adopted herein shall be effective immediately.