It is the intent of this article to grant the
tax exemption authorized by Real Property Tax Law § 485-a
granting a qualified owner an exemption for conversion of nonresidential
real property to mixed-use property. Real property altered or rehabilitated
subsequent to the effective date of this article shall be exempt from
taxation as herein provided.
As authorized by Real Property Tax Law § 485-a,
the Village of Albion does hereby provide that qualifying real property
that was once nonresidential and is later converted to mixed-use property,
partially nonresidential and partially residential shall be exempt
from taxation levied by the Village of Albion on the increase in assessed
value attributable to reconstructions, alterations or improvements
to the extent provided hereinafter pursuant to the above-referenced
§ 485-a.