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to assign and pledge to the authority, together with any other assets so pledged, any and all property rights to, and property interests in, any and all public funds to be apportioned or otherwise made payable by the state, a political subdivision, as defined in section one hundred of the general municipal law, or any social services district in the state in

amount sufficient to make all payments required to be made by The Leake and Watts Children's Home (Incorporated) pursuant

to

any lease, sublease or other agreement entered into between The Leake and Watts Children's Home (Incorporated) and the authority. All state and local officers are hereby authorized and required to pay all such funds so assigned and pledged to the authority or

upon

the direction of the authority, to any trustee of any authority bond or note issued pursuant to a certificate filed with any such state local officer by the authority pursuant to the provisions of this section. No [agreement or] lease, sublease or other agreement by The Leake and Watts Children's Home (Incorporated) shall be effective unless and until it is approved by or on behalf of the commissioners of [the various state agencies that have jurisdiction over the project] education, social services and mental retardation and developmental disabilities and subject further to the approval of the director of the budget including as to project need and project cost.

§ 3. This act shall take effect on the same date as a chapter of the laws of 1992, amending the public authorities law, relating to authorizing the dormitory authority to finance the construction and renovation of certain facilities for The Leake and Watts Children's Home ( Incorporated), Yonkers, New York, proposed in legislative bill numbers S. 7133-A-A. 9706-A takes effect.

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AN ACT to amend the real property tax law, in relation to tax exemption and deferral for certain industrial and commercial properties

in a city of

million or more persons and to repeal subdivision 5 of section 489-cccc of the real property tax law, relating to boundaries of excluded and deferral areas Became a law August 7, 1992, with the approval of the Governor.

Passed by a majority vote, three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Subdivision 5 of section 489-aaaa of the real property tax law, as added by chapter 966 of the laws of 1984, is amended to read follows: 5. "Commercial construction work"

the construction of a new building or structure, or portion thereof, or the modernization, reha

expansion, or other improvement of an existing building or structure, or portion thereof, for use as commercial property.

§ 2. Subdivision 6 of section 489-aaaa of the real property tax law, as added by chapter 966 of the laws of 1984, is amended to read follows: 6. "Commercial property"

nonresidential property (a) on which will exist after completion of commercial construction work, a structure used for

the buying, selling or otherwise providing of goods or services including hotel services, or for other lawful busi

commercial or manufacturing activities; and (b) (i) where, except as provided in subparagraph (ii) of this paragraph, not more than fifteen

per centum of the total net square footage of any building or structure on such property was used for manufacturing activities at any

times during the [forty-eight] twenty-four months immediately preceding the date of application for a certificate of eligibility or (ii) where not more than fifteen per centum of the total net square footage of any building or structure on such property was used for manu EXPLANATIONMatter in italics is new; matter in brackets [ ] is old law

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facturing activities at any one or more times during the sixty months immediately preceding the date of application for a certificate of eligibility if such property is located, in whole or in part in the area in the borough of Manhattan lying south of 96th Street; or forty-eight months in the area in the borough of Queens delineated by a line beginning at a point where the center line of Vernon Boulevard would intersect with the center line of Bridge Plaza South and running easterly parallel with Bridge Plaza South; continuing easterly parallel with Queens Plaza South to the center line of 23rd Street; thence southerly parallel to 23rd Street to the center line of 44th Drive; thence westerly parallel to 44th Drive to the center line of Vernon Boulevard; thence northerly parallel to Vernon Boulevard to the point of beginning.

5. 3. Subdivision 8 of section 489-aaaa of the real property tax law, as added by chapter 966 of the laws of 1984, is amended to read follows: 8. "Excluded area"

each area specified in paragraphs (a), (b) and (c) of subdivision [four] five of section four hundred eightynine-cccc of this title (and each other area where the commission determines that no exemption from or deferral of payment of real property taxes shall be available to one who performs commercial construction work].

§ 4. Subdivision 9 of section 489-aaaa of the real property tax law, as added by chapter 966 of the laws of 1984, is amended to read follows:

9. ["Exemption base" means the portion of assessed value determined in the following manner:] "Exemption base." (a) For purposes of computing the exemption pursuant to subdivision one, two, three or four of section four hundred eighty-nine-bbbb of this title,

"exemption base" shall mean, with respect to property that is the subject of a certificate of eligibility with an effective date of June thirtieth, nineteen hundred ninety-two or before: (i) for the first, second and third taxable years following the issuance of a certificate of eligibility [the exemption base shall equal], the assessed value of improvements made since the effective date of such certificate which are attributable exclusively to commercial or industrial construction work described in approved plans; and [(b)] (ii) for all other years [the exemption base shall equal], the assessed

value of such improvements which have been made before the fourth taxable status date following the issuance of such certificate. (b) For

purposes of computing the exemption pursuant to subdivision three, four or five of section four hundred eighty-nine-bbbb of this title, "exemption base" shall mean, with respect to property that is the subject of a certificate of eligibility with an effective date of July first, nineteen hundred ninety-two or after: (i) for the first through fifth taxable years following the issuance of a certificate of eligibil. ity, the assessed value of improvements made since the effective date of such certificate which are attributable exclusively to

commercial or renovation construction work described in approved plans; and (ii), for all other years, the assessed value of such improvements which have been made before the sixth taxable status date following the issuance of such certificate.

(c) For purposes of compụting the exemption pursuant to subdivision one or two of section four "hundred eighty-nine-bbbb of this title, "exemption base" shall mean, with respect to property that is the subject of a certificate of eligibility with an effective date of July first, nineteen hundred ninety-two or after: (i) for the first through fifth taxable years following the issuance of a certificate of eligibil. ity, the assessed value of improvements made since the effective date of such certificate which are attributable exclusively to commercial or industrial construction work described in approved plans plus any equali, zation increases or minus any equalization decreases in the assessed value of the property so improved, (excluding the land) occurring subsequent to the effective date of such certificate; and (ii) for all other years,

the assessed value of such improvements made before the sixth taxable status date following the issuance of such certificate plus any equalization increases or minus any equalization decreases in the assessed value of the property, so improved* (excluding the land) occurring subsequent to the effective date of such certificate but before the fourteenth taxable status date following the issuance of such certificate. For purposes of the preceding sentence: no ad justment shall be made to the assessed valu of improvements referred to in subparagraphs (i) and (ii) of this paragraph for any portion of an equalization increase or decrease which 'is being phased in pursuant

to section

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eighteen hundred five of this chapter subsequent to the effective date
of the certificate of eligibility if such increase or decrease

occurred
prior to such effective date; with respect to any taxable year, an ad-
justment for an equalization increase or decrease shall reflect only the
portion of such increase or decrease which is being phased in during
such taxable year or which was phased in during & prior taxable year; no
ad justment for an equalization decrease shall reduce the exemption base
to an amount less than the assessed value of the improvements referred
to in subparagraphs (i) and (ii) of this paragraph, and, to the extent
that any such decrease would reduce the exemption base below such
amount,

such decrease shall reduce the taxable portion of the assessed value; and no adjustment shall be made for an equalization increase or decrease if the improvements referred to in subparagraphs (i) and (ii) of this paragraph do not result in a physical increase in the assessed value of the property.

(d) Notwithstanding, paragraph (a) of this subdivision, for purposes of computing the exemption pursuant to subdivision one of section four hundred eighty-nine-bbbb of this title, "exemption base" shall mean, with respect to industrial property that is located in the area in the borough of Manhattan lying north of 96th Street, or that is located in the Bronx, Brooklyn, Queens or Staten Island; and that is the subject of

certificate of eligibility with effective date after December
thirty-first, nineteen hundred eighty-nine and before July first,
nineteen hundred ninety-two: (i) for the first, second and third taxable
years following the issuance of a certificate of eligibility, the
sessed value of improvements made since the effective date of such cer-
tificate which are attributable exclusively to industrial construction
work described in approved plans; and (ii) for all other years, the as-
sessed value of such improvements made before the fourth taxable status
date following the issuance of such certificate plus any equalization
increases or minus any equalization decreases in the assessed value of
the property $9

improved (excluding the land) occurring subsequent to
the fourth taxable status date following the issuance of such certifi-
cate but before the fourteenth taxable status date following the is-
suance of such certificate. For purposes of the preceding, sentence:
ad justment shall be made to the assessed value of the improvements
referred to in subparagraphs (i) and (ii) of this paragraph for any por-
tion of equalization increase or decrease which is being phased in
pursuant to section eighteen hundred five of this chapter subsequent to
the effective date of the certificate of eligibility if such increase or
decrease occurred prior to such effective date; with respect to any tax-
able year, an adjustment for an equalization increase or decrease shall
reflect only the portion of such increase or decrease which is being
phased in during such taxable year or which was phased in during a prior
taxable year; no adjustment for an equalization decrease shall

reduce
the exemption base to an amount less than the assessed value of the im-
provement's referred to in subparagraphs (i) and (ii) of this paragraph,

to the extent that any such decrease would reduce the exemption
base below such amount, such decrease shall reduce the taxable

portion
of the assessed value; and no adjustment shall be made for an equaliza-
tion increase or decrease if the improvements referred to in subpara-
graphs (i) and (ii) of this paragraph do not result in a physical in-
crease in the assessed value of the property.
(e) For purposes of this subdivision "equalization increase

or
decrease" means an

increase decrease in the assessed value of property which is not attributable to construction work, fire, demolition, destruction or other change in the physical characteristics of the property (excluding, gradual physical deterioration or obsolescence), or to a change in the description or boundaries of the property.

§ 5. Subdivision 12 of section 489-aaaa of the real property tax law, as added by chapter 966 of the laws of 1984, is amended to read follows:

12. "Initial assessed value" means the lesser of (a) the taxable assessed value of real property appearing

the books of the annual record of the assessed valuation of real property on the effective date of a recipient's certificate of eligibility (and) or (b) the assessed value to which such assessment is thereafter reduced pursuant to application to the tax commission or court order. Where the real property is used for both residential and nonresidential purposes on the effective EXPLANATION—Matter in italics is new; matter in brackets [ ] is old law

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date of such certificate of eligibility, the initial assessed value of such real property, determined as provided in the preceding sentence, shall be apportioned between the residential and nonresidential portions thereof in such manner as shall properly reflect the initial assessed value of each such portion. Such apportionment shall be in accordance with rules promulgated by the department of finance.

$ 6. Subdivision 14 of section 489-aaaa of the real property tax law, as added by chapter 966 of the laws of

1984,

amended to read follows:

14. "Minimum required expenditure" means expenditure for commercial, renovation or industrial construction work in an amount equal to twenty per centum of the initial assessed value; provided, however, that if the department of finance, after consultation with the [office]'deputy mayor for finance and economic development, determines that a greater expendis ture is required to encourage significant industrial and

commercial development it may establish by regulation a higher percentage of initial assessed value, not to exceed fifty per centum thereof, as the minimum required expenditure. Expenditure for residential construction work shall not be included in the minimum required expenditure; provided, however, that for mixed-use property, expenditures for construction work related to the common areas and systems of such property shall be allocated, in accordance with rules promulgated by the department of finance, between the residential and nonresidential

portions of the property. If real property was used for both residential and nonresidential purposes on the effective date of the certificate of eligibility, the initial assessed value of such real property, for purposes of this subdivision, shall be the initial assessed value apportioned to the nonresidential portions thereof.

5 7. Subdivision 19 of section 489-aaaa of the real property tax law, as added by chapter 966 of the laws of 1984, is amended to read follows: 19. "Residential property"

property, other than property used for hotel purposes, on which exists or will exist, upon completion of construction work, a building, or structure [containing more than two independent dwelling units or where more than one-third of the total net square footage of said building or structure is to be] used for residential purposes.

§ 8. Section 489-aaaa of the real property tax law is amended by adding three new subdivisions 22, 23 and 24' to read as follows:

22. "Mixed-use property" means property on which exists, or will exist upon completion of construction work, a building or structure used for both residential and nonresidential purposes.

23. "Renovation construction work" means the modernization, rehabilitation, expansion or improvement of an existing building structure, portion thereof, for

commercial property in a renovation exemption area where such modernization, rehabilitation, expansion or improvement is physically and functionally integrated with the existing building or structure, or portion thereof, does not increase the bulk of the existing building or structure by more than thirty per centum and does not increase the height of the existing building structure by more than thirty per centum.

24. "Renovation exemption area" means the area specified in paragraph (d) of subdivision five of section four hundred eighty-nine-cccc of this title in which a renovation exemption from taxes in accordance with subdivision five of section four hundred eighty-nine-bbbb of this title shall be available to a recipient who performs renovation construction work.

$ 9. The opening paragraph of section 489-bbbb of the real property tax law, as added by chapter 966 of the laws of 1984, is amended to read as follows: Any city

city having a population of one million or more, acting through its local legislative body, is authorized and

empowered to determine that incentives in the form of exemption from or deferral of payment of real property taxes are necessary to encourage industrial and commercial development in such city and to enact a local law providing that such benefits shall be provided in the manner set forth in this

title. Such city shall

be divided into [four] five classes of areas as provided in this title and pursuant to designation of areas to be made by

temporary commercial incentive area boundary commission. Within such areas, the following benefits shall be available to qualified recipients:

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

4. ÇA] Except as provided in paragraphs (b) and (c) of subdivision five of section four hundred eighty-nine-cccc of this title, a recipient who, following the

the issuance of a certificate of eligibility, has performed commercial construction work in a deferral area shall be eligible for a deferral of tax payments as follows: For the first three tax years following, the issuance of a certificate of eligibility, the tax payment

one hundred per centum of the exemption base shall be deferred. For the following four tax years, the tax payment on percentage of the exemption base beginning at eighty per centum thereof in the fourth tax year and decreasing by twenty per centum each year shall be deferred. The total amount of tax payments deferred pursuant to this title shall be paid subsequently over the course of ten tax years as follows: Commencing in the eleventh tax year following the issuance of the certificate of eligibility, through and including the twentieth tax

year following such issuance,

amount equal to ten per centum of the total amount of tax payments deferred pursuant to this section shall be added to the amount of tax otherwise assessed and payable in each such tax year on the property, subject to such deferral.

The following table shall illustrate the computation of deferral and payment of taxes for commercial construction work in a deferral area: Tax year following date of issuance of certificate of

Amount of tax payments to be eligibility:

deferred or paid: 1 through 3

Deferral of tax payment on 100%

of the exemption base 4

Deferral of tax payment on 80%

of the exemption base Deferral of tax payment on 60%

of the exemption base 6

Deferral of tax payment on

of the exemption base 7

Deferral of tax payment on

20%

of the exemption base 11 through 20

Payment each

year

10% of total dollar amount of tax payments deferred pursuant to this title

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$ 11. Subdivisions 5, 6 and 7 of section 489-bbbb of the real property tax law are renumbered subdivisions 6, 7 and 8 and a new subdivision 5 is added to read as follows:

5., A secipient who, following the issuance of a certificate of eligibility, has performed renovation construction work in renovation exemption

shall be eligible for an exemption from real property taxes as follows: For the first eight tax years, the recipient shall be exempt from taxation on one hundred per centum of the exemption base. For the following four tax years, the recipient shall be exempt from taxation

a percentage of the exemption base beginning at eighty per centum thereof in the ninth tax year and decreasing by twenty per centum of said exemption base each year.

The following table shall illustrate the computation of the exemption
for renovation construction work in a renovation exemption area:
Tax year following date of
issuance of certificate of
eligibility:

Amount of exemption : 1 through 8

Tax on 100% of exemption base 9

Tax on 80% of exemption base 10

Tax on 60% of exemption base 11

Tax on 40% of exemption base 12

Tax on 20% of exemption base

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Subdivision 6 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: EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

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