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