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6. There shall be no exemption from or deferral of a payment of real property taxes available pursuant to this title to any person who performs commercial or renovation construction work in an excluded area, except as provided in paragraphs (b) and (c) of subdivision five of section four hundred eighty-nine-cccc of this title.

§ 13. Subdivision 7 of section 489-bbbb of the real property tax law, as added by chapter 966 of the laws of 1984 and renumbered by section eleven of this act, is amended to read as follows:

7. The benefits of this title shall be granted exclusively for industrial [and], commercial or renovation construction work described in approved plans. No benefits shall be granted for residential construction work. Any parcel which is partly located in an excluded area shall be deemed to be entirely located in such area.

§ 14. Subdivision 2 of section 489-cccc of the real property tax law, as added by chapter 966 of the laws of 1984, paragraphs (a) and (c) amended by chapter 4 of the laws of 1992, is amended to read as

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follows:

2. (a) The commission shall meet in nineteen hundred ninety-two and nineteen hundred ninety-five to determine the boundaries of the various areas which it is authorized to designate pursuant to this section. The areas designated by the commission in effect as of December thirtyfirst, nineteen hundred ninety-one shall remain in effect until the first taxable status date after the [commission makes] local legislative body approves a new designation pursuant to paragraph (d) of this [section] subdivision.

(b) Not later than [November first] September fifteenth of each year when areas are to be designated, the commission shall publish a notice at least once in the city's official paper or a newspaper of general circulation in the city setting forth the proposed boundaries of areas to be designated and the date, not earlier than ten nor later than thirty days following the publication of such notice, on which the commission will hold a public hearing to hear all persons interested in the designation of areas. A copy of such notice shall be forwarded to the local legislative body and each community board of the city. (c) The commission shall make such designation, and notify the local legislative body of such designation, not later than [the last day before the first taxable status date following the conclusion of such public hearing] November first of each year when areas are to be designated. The designation shall be effective as [of the first taxable status date after it is made and shall remain in effect until the first taxable status date after the commission makes a new designation pursuant to this section; provided, however, that the first designation shall take effect immediately] provided in paragraph (d) of this

subdivision.

(d) Within thirty days after the first stated meeting of the local legislative body following the receipt of notice of such designation, the local legislative body may, by majority vote, disapprove such designation. If, within such thirty-day period, the local legislative body fails to act or fails to act by the required vote, the local legislative body shall be deemed to have approved such designation. Such designation shall be effective as of the first taxable status date after the local legislative body approves such designation and shall remain in effect until the first taxable status date after the local legislative body approves a new designation pursuant to this paragraph. 15. Subdivision 4 of section 489-cccc of the real property tax law is amended by adding a new paragraph (c) to read as follows:

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(c) In the city of New York, on or after January first, nineteen hundred ninety-two, the commission shall not designate any area either a deferral area or an excluded area, nor shall the commission make any new designation in any urban renewal area designated pursuant to article fifteen of the general municipal law so as to reduce the level of benefits available pursuant to this title in such area.

§ 16. Subdivision 5 of section 489-cccc of the real property tax law is repealed and a new subdivision 5 is added to read as follows:

5. (a) The following area in the borough of Manhattan shall, except as otherwise provided in paragraphs (b), (c) and (d) of this subdivision, be an excluded area: the area in the borough of Manhattan lying south of 96th Street and north of 23rd Street.

(b) The following areas in the borough of Manhattan shall, except as otherwise provided in paragraph (d) of this subdivision, be excluded areas as of July first, nineteen hundred ninety-two; provided, however, that if an application for a certificate of eligibility has been filed

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for commercial construction work in such areas on or before December
thirty-first, nineteen hundred ninety-two and the recipient presents
evidence satisfactory to the department of finance: (i) (A) for a new
building or structure, that construction has been completed on a founda-
tion, as described in approved plans, on or before June thirtieth,
nineteen hundred ninety-three; or (B) for an existing building or struc-
ture, that at least five per centum of the minimum required expenditure
has been made for commercial construction work, as described in approved
plans, on
or before June thirtieth, nineteen hundred ninety-three; and
(ii) that all other requirements of this title have been met; then,
deferral of tax payments pursuant to subdivision four of section four
hundred eighty-nine-bbbb of this title shall be granted for such commer-
cial construction work, except that no deferral of tax payments shall be
granted for commercial construction work on mixed-use property:

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(1) the area delineated by a line beginning at the point where the center line of 96th Street would intersect the Hudson River Pierhead line and running easterly along the center line of 96th Street to the center line of Central Park West; thence southerly along said center line to the center line of 59th Street; thence westerly along said center line to the Hudson River Pierhead line; thence northerly along said Pierhead line to the point of beginning; and

(2) the area delineated by a line beginning at a point where the center line of 59th Street would intersect with a point one hundred fifty feet west of the center line of 8th Avenue and running easterly along the center line of 59th Street to a point one hundred fifty feet west of the center line of the Avenue of the Americas; thence southerly parallel to the Avenue of the Americas to a point which is the midpoint between the center line of 42nd Street and the center line of 41st Street; thence westerly parallel to 41st Street to a point one hundred fifty feet west of the center line of 8th Avenue; thence northerly parallel to 8th Avenue to the point of beginning.

(c) The following area in the borough of Manhattan shall, except as otherwise provided in paragraph (d) of this subdivision, be an excluded area as of January first, nineteen hundred ninety-three; provided, however, that if an application for a certificate of eligibility has been filed for commercial construction work in such area on or before December thirty-first, nineteen hundred ninety-two and the recipient presents evidence satisfactory to the department of finance: (i) (A) for a new building or structure, that construction has been completed on a foundation, as described in approved plans, on or before December thirtyfirst, nineteen hundred ninety-three; or (B) for an existing building or structure, that at least five per centum of the minimum required expenditure has been made for commercial construction work, as described in approved plans, on or before December thirty-first, nineteen hundred ninety-three; and (ii) that all other requirements of this title have been met, then, a deferral of tax payments pursuant to subdivision four of section four hundred eighty-nine-bbbb of this title shall be granted for such commercial construction work, except that no deferral of tax payments shall be granted for commercial construction work on mixed-use property: the area delineated by a line beginning at the point where the center line of 59th Street would intersect with the Hudson River Pierhead line; thence southerly along said Pierhead line to the center line of Liberty Street; thence easterly along said center line to the center line of Church Street; thence northerly along said center line to the center line of Fulton Street; thence easterly along said center line to the East River Pierhead line; thence northerly along said Pierhead line to a point which is the midpoint between the center line of 34th Street and the center line of 33rd Street; thence westerly parallel to 33rd Street to a point one hundred fifty feet west of the center line of the Avenue of the Americas; thence northerly parallel to the Avenue of the Americas to a point which is midpoint between the center line of 42nd Street and the center line of 41st Street; thence westerly parallel to 41st Street to a point one hundred fifty feet west of the center line of 8th Avenue; thence northerly parallel to 8th Avenue to the centerline of 59th Street; thence westerly along said center line to the point of beginning.

(d) Notwithstanding the provisions of paragraphs (a), (b) and (c) of this subdivision, the following areas in the borough of Manhattan shall be renovation exemption areas: (i) as of July first, nineteen hundred EXPLANATION-Matter in italics is new; matter in brackets [] is old law

ninety-two and thereafter: the area in the borough of Manhattan lying south of 23rd Street; and (ii) as of July first, nineteen hundred ninety-two and until June thirtieth, nineteen hundred ninety-four: the area in the borough of Manhattan lying south of 96th Street and north of 23rd Street.

§ 17. Subdivision 1 of section 489-dddd of the real property tax law, as added by chapter 966 of the laws of 1984, is amended to read as follows:

1. A recipient of a certificate of eligibility with an effective date of June thirtieth, nineteen hundred ninety-two or before must make onehalf the minimum required expenditure within eighteen months of the effective date of such recipient's certificate of eligibility, and make the minimum required expenditure within thirty-six months of the effective date of such certificate to be eligible to receive the benefits of this title. A recipient of a certificate of eligibility with an effective date of July first, nineteen hundred ninety-two or after must make one-half the minimum required expenditure within thirty months of the effective date of such recipient's certificate of eligibility, and make the minimum required expenditure within sixty months of the effective date of such certificate to be eligible to receive the benefits of this title; provided, however, that a recipient of a certificate of eligibility for renovation construction work for property located in the renovation exemption area specified in subparagraph (ii) of paragraph (d) of subdivision five of section four hundred eighty-nine-cccc of this title must make one-half minimum required expenditure within eighteen months of the effective date of such recipient's certificate of eligibility, or by December thirty-first, nineteen hundred ninety-four, whichever is earlier, and make the minimum required expenditure within thirty-six months of the effective date of such certificate, or by December thirtyfirst, nineteen hundred ninety-five, whichever is earlier, to be eligible to receive the benefits of this title. Any recipient who shall fail to make such expenditures shall become ineligible and shall pay, with interest, any taxes for which an exemption or deferral was claimed pursuant to this section.

§ 18. Subdivision 2 of section 489-dddd of the real property tax law, as added by chapter 966 of the laws of 1984, is amended to read as follows:

2. No benefits pursuant to this title shall be granted for construction work on any condominium unit unless such unit is in a building or structure which, if viewed as a whole and as if it were under single ownership, would qualify as commercial or industrial property. The minimum required expenditure applicable to any recipient of a certificate of eligibility for construction work on a condominium unit shall be equal to the minimum expenditure which would apply if a certificate of eligibility were issued for construction work on the entire property where such unit is located. Nothing in this subdivision shall be construed to prevent owners of condominium units in the same property from forming an association to be a recipient. This subdivision shall not apply to any applicant whose property would be, or recipient whose property is, the subject of a certificate of eligibility with an effective date of July first, nineteen hundred ninety-two or after.

§ 19. Subdivision 3 of section 489-dddd of the real property tax law, as added by chapter 966 of the laws of 1984, is amended to read as follows:

3. (a) No benefits pursuant to this title shall be granted for any construction work unless the applicant filed an application for such benefits on or before the date of issuance of a building permit for such work. The requirements of this subdivision may be satisfied where the applicant's architect, contractor or other representative authorized to file the application for such building permit files with the department of finance on behalf of the applicant a preliminary application containing such information as the department of finance shall prescribe by regulation.

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(b) Notwithstanding paragraph (a) of this subdivision, an applicant may file an application for benefits pursuant to this title for tion construction work for property located in the areas specified in paragraph (c) of this subdivision, regardless of whether a building permit for such work was issued before such application was filed, provided that such permit was not issued before January first, nineteen hundred ninety or after June thirtieth, nineteen hundred ninety-two, and provided further that a final application is filed with, and accepted by, the department of finance, on or before December thirty-first,

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nineteen hundred ninety-two. The department of finance shall issue certificate of eligibility to such an applicant upon determining that the applicant satisfies all other requirements of this title. The effective date of such certificate shall be the date of acceptance by the department of finance of a final application containing such information prescribed by rule of the department of finance. No benefits pursuant to this title shall be granted for construction work performed before the effective date of the recipient's certificate of eligibility. (c) Pursuant to paragraph (b) of this subdivision, an applicant may file an application for benefits pursuant to this title for renovation construction work for property located in the following areas in the borough of Manhattan lying south of 96th Street:

(i) the area delineated by a line beginning at the point where the

center line of 96th Street would intersect the East River Pierhead line and running westerly along the center line of 96th Street to the center line of Fifth Avenue; thence southerly along said center line to the center line of 59th Street; thence westerly along said center line to a point one hundred fifty feet west of the center line of the Avenue of the Americas; thence southerly parallel to the Avenue of the Americas to the center line of 34th Street; thence easterly along said center line to the East River Pierhead line; thence northerly along said Pierhead line to the point of beginning; and

(ii) the area delineated by a line beginning at the point where the center line of Fulton Street would intersect the East River Pierhead line and running westerly along the center line of Fulton Street to the center line of Church Street; thence southerly along said center line to the center line of Liberty Street; thence westerly along said center line to the Hudson River Pierhead line; thence southerly and along said Pierhead line to the point of beginning.

§ 20. Subdivision 1 of section 489-eeee of the real property tax law, as amended by chapter 4 of the laws of 1992, is amended to read as follows:

1. Application for a certificate of eligibility pursuant to this title may be made immediately following the effective date of a local law enacted pursuant to this title and continuing until June thirtieth, nineteen hundred [ninety-two] ninety-nine; provided, however, that application for a certificate of eligibility for renovation construction work for property located in the renovation exemption area specified in subparagraph (ii) of paragraph (d) of subdivision five of section four hundred eighty-nine-cccc of this title may not be made after June thirtieth, nineteen hundred ninety-four. Such application shall state whether it is for industrial [or], commercial or renovation construction work, and shall be filed with the department of finance. In addition to any other information required by such department, the application shall include cost estimates or bids for the proposed construction and an affidavit of a professional engineer or architect of the applicant's choice, certifying that detailed plans for the construction work have been submitted to the department of buildings. Such application shall also state that the applicant agrees to comply with and be subject to the rules and regulations issued from time to time by the department of finance to secure compliance with all applicable city, state and federal laws or which implement mayoral directives and executive orders designed to ensure equal employment opportunity. If required by local law or rule as described in section four hundred eighty-nine-1111 of this title, such application shall also state that the applicant agrees to comply with the program established thereby to ensure meaningful participation of minority and women-owned business enterprises in construction work for which the applicant receives benefits. Such application shall also certify that all taxes currently due and owing on the property which is the subject of the application have been paid or are currently being paid in timely installments pursuant to written agreement with the department of finance.

$21. Subdivision 3 of section 489-eeee of the real property tax law, as added by chapter 966 of the laws of 1984, is amended to read as follows:

3. The department of finance shall issue a certificate of eligibility upon determining that the applicant satisfies the requirements for industrial [or], commercial or renovation construction work in an area where benefits are available for such work. Such certificate shall state

EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

whether such benefits are to be granted for industrial [or], commercial or renovation construction work, and in which class of area the property is located. The effective date of such certificate, except as provided in paragraph (b) of subdivision three of section four hundred eightynine-dddd of this title, shall be the earlier of (a) the date on which a building permit for the construction work is issued by the department of buildings, or (b) the last day before the effective date of any designation of boundaries by the commission which changes the class of area in which the property is located so as to reduce the level of benefits for commercial construction work on such property. Where the effective date

of the certificate of eligibility is July first, nineteen hundred

ninety-two or after, the benefits granted for industrial, commercial or renovation construction work pursuant to this title shall be in accordance with the provisions of this title as amended by the provisions of the chapter of the laws of nineteen hundred ninety-two which added this sentence. Where the effective date of the certificate is June thirtieth, nineteen hundred ninety-two or before, the benefits granted for industrial or commercial construction work pursuant to this title shall be in accordance with the provisions of this title as it was in effect immediately prior to its amendment by such chapter of the laws of nineteen hundred ninety-two. No recipient whose property is the subject of a certificate of eligibility for commercial construction work in 8 deferral area shall be eligible to apply for a certificate of eligibility for renovation construction work on the same property, where the renovation construction work is the same as, or similar to, the commercial construction work for which the deferral area certificate was issued, until three years after the effective date of the deferral area certificate. No recipient shall receive a tax deferral and a tax same expenditure on eligible construction work.

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§ 22. Subdivision 1 of section 489-ffff of the real property tax law, as added by chapter 966 of the laws of 1984, is amended to read as follows:

1. Upon approval by the department of buildings of the plans submitted in connection with the building permit and any amendments to such plans, the recipient shall file with the department of finance a narrative description of such approved plans describing the industrial [or], mercial or renovation construction work for which such recipient seeks benefits pursuant to this title.

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§ 23. Subdivision 4 of section 489-ffff of the real property tax law, as added by chapter 966 of the laws of 1984, is amended to read follows:

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4. Not later than eighteen months after the effective date of a certificate of eligibility, with an effective date of June thirtieth, nineteen hundred ninety-two or before, the recipient shall present evidence to the department of finance demonstrating that the recipient has made one-half of the minimum required expenditure. Not later than thirty-six months after the effective date of such certificate, such recipient shall present evidence to such department demonstrating that the recipient has made the minimum required expenditure. Not later than thirty months after the effective date of a certificate of eligibility with an effective date of July first, nineteen hundred ninety-two or after, the recipient shall present evidence to the department of finance demonstrating that the recipient has made one-half of the minimum required expenditure; provided, however, that a recipient of a certificate of eligibility for renovation construction work for property located in the renovation exemption area specified in subparagraph (ii) of paragraph (d) of subdivision five of section four hundred eightynine-cccc of this title shall present such evidence not later than eighteen months after the effective date of such certificate, or by December thirty-first, nineteen hundred ninety-four, whichever is earlier. Not later than sixty months after the effective date of a certificate of eligibility with an effective date of July first, nineteen hundred ninety-two or after, the recipient shall present evidence to such department demonstrating that the recipient has made the minimum required expenditure; provided, however, that a recipient of a certificate of eligibility for renovation construction work for property located in the renovation exemption area specified in subparagraph (11) of paragraph (d) of subdivision five of section four hundred eightynine-cccc of this title shall present such evidence not later than thirty-six months after the effective date of such certificate, or by December thirty-first, nineteen hundred ninety-five, whichever is lier. Such evidence shall be presented in the form and manner prescribed

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