[Adopted 9-7-1999 by L.L. No. 1-1999]
As used in this article, unless the context
requires otherwise, the following words shall have the meanings indicated:
Any and all buildings and improvements now or hereafter situated
on the property.
L&M Spring Valley, LLC, its successors and/or assigns.
Ninety-six units of residential rental housing for senior
citizens of low and moderate income intended to be constructed by
the owner on the property, which shall constitute a housing development
as defined in § 42 of the Private Housing Finance Law.
The real property intended to be acquired by the owner situated
at the corner of Route 59 and Summit Avenue in the Village, commonly
known as 15 Summit Avenue, and having tax map number 5, lots SV5 and
SV6.
A.
Pursuant to § 421-d of the New York Real
Property Tax Law, the Village hereby grants a property tax exemption
for the property and the improvements, other than special assessments
and special ad valorem taxes, upon the following terms:
(1)
For tax years 2000 and 2001 or until a temporary certificate
of occupancy is issued for the project, whichever is earlier, the
owner shall pay taxes based on the same assessment as paid on the
property and the improvements for the tax year 1999.
(2)
As of the earlier of the tax due date for the tax
year 2002 or the tax due date immediately following the issuance of
the temporary certificate of occupancy for the project and for a period
of 15 years thereafter, the owner shall pay the Village the fixed
sum of $17,294 per annum for the property, plus a tax on the improvements
now or hereafter situated upon the property, which tax shall be subject
to the following exemption, expressed as a percentage of the assessed
value of such Improvements:
|
Year
|
Exemption Percentage for Improvements
| ||
|---|---|---|---|
|
1
|
95%
| ||
|
2
|
95%
| ||
|
3
|
95%
| ||
|
4
|
75%
| ||
|
5
|
60%
| ||
|
6
|
60%
| ||
|
7
|
60%
| ||
|
8
|
60%
| ||
|
9
|
60%
| ||
|
10
|
40%
| ||
|
11
|
40%
| ||
|
12
|
40%
| ||
|
13
|
20%
| ||
|
14
|
20%
| ||
|
15
|
20%
|
B.
Notwithstanding anything contained herein to the contrary,
taxes shall be paid during any year after the taxable status date
immediately following completion of construction at least in the amount
of taxes paid on the land and any improvements thereon during the
fiscal year preceding commencement of such construction.
A.
The exemptions set forth above shall remain in effect
for the periods described therein but only so long as the project
is subject to an outstanding mortgage which secures a loan from the
New York State Housing Finance Agency, the interest on which is exempt
from taxation pursuant to the Internal Revenue Code of 1954, as amended,
and the project is used for residential unit purposes.
B.
The aforesaid exemption from taxes shall not be availed
of concurrently under any other law.
This article shall take effect upon filing with
the Secretary of State.
