Bill Text: NY A09498 | 2011-2012 | General Assembly | Introduced

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Bill Title: Authorizes local legislative bodies to grant additional real property tax exemptions to redevelopment company projects, which are not operated by mutual redevelopment companies.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2012-06-19 - substituted by s6480 [A09498 Detail]

Download: New_York-2011-A09498-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         9498
                                 I N  A S S E M B L Y
                                     March 7, 2012
                                      ___________
       Introduced by M. of A. V. LOPEZ -- read once and referred to the Commit-
         tee on Housing
       AN  ACT to amend the private housing finance law, in relation to author-
         izing the granting of an additional real property  tax  exemption  for
         certain redevelopment company projects
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subdivision 1 of section 125 of the private housing finance
    2  law is amended by adding a new paragraph (a-3) to read as follows:
    3    (A-3) ANY INCONSISTENT PROVISION OF  LAW  NOTWITHSTANDING,  THE  LOCAL
    4  LEGISLATIVE  BODY  OF  ANY  MUNICIPALITY  MAY  GRANT  AN  ADDITIONAL TAX
    5  EXEMPTION PERIOD FOR ANY PROJECT, OTHER THAN A PROJECT BY A MUTUAL REDE-
    6  VELOPMENT COMPANY, THAT RECEIVED A TAX EXEMPTION UNDER PARAGRAPH (A)  OF
    7  THIS  SUBDIVISION,  UPON THE EXPIRATION OF THE TAX EXEMPTION PERIOD. THE
    8  ADDITIONAL TAX EXEMPTION PERIOD MAY BE FOR A TERM  OF  FIFTY  YEARS,  OR
    9  UNTIL  SUCH  TIME  AS  THE  PROJECT  IS  NO  LONGER  OPERATED  UNDER THE
   10  RESTRICTIONS AND FOR THE PURPOSES SET FORTH IN THIS  ARTICLE,  WHICHEVER
   11  IS  SOONER. UNLESS OTHERWISE APPROVED BY THE LOCAL LEGISLATIVE BODY, THE
   12  AMOUNT OF TAXES PAID BY THE REDEVELOPMENT COMPANY DURING SUCH ADDITIONAL
   13  TAX EXEMPTION PERIOD SHALL NOT BE LESS  THAN  AN  AMOUNT  EQUAL  TO  THE
   14  GREATER  OF  (I) TEN PERCENT   OF THE ANNUAL RENT OR CARRYING CHARGES OF
   15  THE PROJECT, MINUS UTILITIES FOR THE RESIDENTIAL PORTION OF THE PROJECT,
   16  OR (II) THE TAXES PAYABLE BY SUCH COMPANY FOR THE RESIDENTIAL PORTION OF
   17  THE PROJECT IMMEDIATELY PRIOR TO  THE  EXPIRATION  OF  THE  INITIAL  TAX
   18  EXEMPTION PERIOD.
   19    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD14426-02-2