Bill Text: NY A00852 | 2011-2012 | General Assembly | Introduced

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Bill Title: Authorizes municipalities to re-direct real property tax payments made by project occupants which agree to invest in or construct infrastructure improvements for certain economic development projects; such re-directed payments shall be used to retire any debt incurred for the construction and development of such infrastructure improvements.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2011-05-11 - enacting clause stricken [A00852 Detail]

Download: New_York-2011-A00852-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                          852
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                      (PREFILED)
                                    January 5, 2011
                                      ___________
       Introduced  by  M. of A. DESTITO, SCHROEDER -- read once and referred to
         the Committee on Local Governments
       AN ACT to amend the general municipal law, in  relation  to  authorizing
         municipalities  to re-direct a portion of the real property taxes made
         by certain project occupants
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  The  general  municipal  law  is  amended by adding a new
    2  section 74-a to read as follows:
    3    S 74-A. RE-DIRECTION OF REAL PROPERTY TAXES MADE  BY  CERTAIN  PROJECT
    4  OCCUPANTS. 1.  ANY MUNICIPALITY MAY, UPON APPROVAL OF THE GOVERNING BODY
    5  OF SUCH MUNICIPALITY, ESTABLISH A PROGRAM WHICH PROVIDES FOR A MECHANISM
    6  BY WHICH THE MUNICIPALITY MAY RE-DIRECT REAL ESTATE TAX PAYMENTS, TO THE
    7  EXTENT THAT SUCH PAYMENTS EXCEED THE THEN EXISTING TAXES ATTRIBUTABLE TO
    8  THE  INCREMENTAL  INCREASE IN ASSESSED VALUE AND/OR REAL ESTATE TAX PAID
    9  FOR THE SUBJECT PROPERTY. SUCH RE-DIRECTION SHALL PROVIDE,  PURSUANT  TO
   10  AN  AGREEMENT  BETWEEN  THE MUNICIPALITY AND THE PROJECT OWNER, THAT THE
   11  OWNER WILL CAUSE THE INFRASTRUCTURE IMPROVEMENTS TO BE BUILT IN CONJUNC-
   12  TION WITH AN AFFORDABLE  HOUSING  AND/OR  ECONOMIC  DEVELOPMENT  PROJECT
   13  APPROVED  BY  THE  MUNICIPALITY.  SUCH INFRASTRUCTURE IMPROVEMENTS SHALL
   14  INCLUDE, BUT NOT BE LIMITED TO, UNDERGROUND AND OVERHEAD UTILITIES  SUCH
   15  AS  STORM  DRAINAGE OR STORM WATER MANAGEMENT MEASURES, SANITARY SEWERS,
   16  WATER LINES, GAS LINES, ELECTRICAL LINES, ROAD  AND  TRANSPORTATION  AND
   17  OTHER  PUBLIC INFRASTRUCTURE FACILITIES AS DEEMED BY THE MUNICIPALITY TO
   18  BENEFIT THE PUBLIC GOOD. THE  MUNICIPALITY SHALL CAUSE SUCH RE-DIRECTION
   19  OF TAX PAYMENTS TO BE UTILIZED FOR THE EXCLUSIVE PURPOSE OF RETIRING ANY
   20  DEBT INCURRED FOR THE CONSTRUCTION AND  DEVELOPMENT  OF  THESE  IMPROVE-
   21  MENTS.
   22    2.  THE  AMOUNT  OF SUCH RE-DIRECTED TAX PAYMENTS SHALL BE ONE HUNDRED
   23  PERCENT OF THE TOTAL COST OF THE APPROVED  INFRASTRUCTURE  IMPROVEMENTS,
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01632-01-1
       A. 852                              2
    1  INCLUDING  ANY  INTEREST OR FINANCING COSTS DIRECTLY ATTRIBUTABLE TO THE
    2  INFRASTRUCTURE FACILITIES. EACH PORTION OF SUCH PAYMENT SHALL  BE  TAKEN
    3  DURING EACH YEAR THE PROJECT IS OBLIGATED TO PAY REAL ESTATE TAXES UNTIL
    4  SUCH  TIME  AS THE DEBT INCURRED FOR THE DEVELOPMENT AND CONSTRUCTION OF
    5  THE IMPROVEMENTS IS RETIRED.
    6    3. THE RESIDUAL OF THE RE-DIRECTED PAYMENTS, AFTER THE PAYMENT OF  THE
    7  DEBT  SERVICE,  SHALL BE PAID TO THE AFFECTED TAXING JURISDICTION, AS IN
    8  THE NORMAL COURSE OF PAYMENT OF REAL PROPERTY TAXES.
    9    S 2. This act shall take effect immediately.