[Adopted 6-9-1971 by L.L. No. 6-1971, approved 6-24-1971]
The purpose of this article is to encourage industrial and other
business enterprises to locate, expand and improve facilities in the
City of Mount Vernon and to provide job opportunities and job training
for residents of said City by granting real property tax credits and
exemptions for periods as specified herein.
The Commissioner of Assessment and Taxation shall have the power
and be charged with the duty to carry out the purpose and intent of
Article 4-A of the Commerce Law, § 485 of the Real Property
Tax Law and the other applicable laws of the State of New York, to
grant eligible business facility owners or operators, as defined by
the aforesaid state laws, tax exemption or tax credits from taxes
and special ad valorem levies imposed to the extent hereinafter set
forth of any increase in the value of the capital improvements commenced
on or after July 1, 1971, consisting of construction, reconstruction,
erection or improvements of depreciable real property, as certified
in the certificate of eligibility issued by the New York State Urban
Job Incentive Board.
A.
An application for tax exemption as herein provided shall be filed
with the Commissioner of Assessment and Taxation prior to the appropriate
taxable status date on the prescribed form, together with a duly issued
New York State Job Incentive Board certificate of eligibility.
B.
Upon submission of the aforesaid application and proof, the Commissioner
of Assessment and Taxation, with or without a hearing, shall consider
the application for such exemption and, if found to be in order, determine
the assessed value of the exemption in accordance with the certificate
of eligibility and enter such value to the extent herein authorized
on the exempt portion of the assessment roll.
A.
The amount of such tax credit or exemption shall be 20%, and the
exemption so granted shall continue from year to year during the period
of years so approved, provided that the certificate of eligibility
is not revoked or modified and that it is renewed or extended by the
State Urban Job Incentive Board, but in no event shall such tax credit
or exemption extend beyond a maximum of 10 years for each such eligible
business facility.
B.
Any exemption so granted shall commence with the assessment roll
prepared on the next following taxable status date of the City of
Mount Vernon.
This article shall take effect the first day of September 1971.
