S T A T E   O F   N E W   Y O R K
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                                  9328

                          I N  A S S E M B L Y

                              April 9, 2014
                               ___________

Introduced  by M. of A. BARRETT -- read once and referred to the Commit-
  tee on Real Property Taxation

AN ACT to amend the real property tax law, in  relation  to  a  property
  investment exemption in certain villages

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The real property tax  law  is  amended  by  adding  a  new
section 485-q to read as follows:
  S  485-Q.  PROPERTY  INVESTMENT  EXEMPTION; CERTAIN VILLAGES. 1.  REAL
PROPERTY CONSTRUCTED, ALTERED, INSTALLED OR IMPROVED SUBSEQUENT  TO  THE
FIRST DAY OF JULY, TWO THOUSAND THIRTEEN FOR THE PURPOSE OF MULTI-FAMILY
RESIDENTIAL,  MIXED  USE, COMMERCIAL, BUSINESS OR INDUSTRIAL ACTIVITY IN
VILLAGES WITH A POPULATION OF NOT LESS THAN FIVE THOUSAND AND  NOT  MORE
THAN  SIX  THOUSAND  IN  COUNTIES WITH A POPULATION OF NOT LESS THAN TWO
HUNDRED NINETY THOUSAND AND NOT MORE THAN THREE  HUNDRED  FIVE  THOUSAND
MAY  BE  EXEMPT  FROM TAXATION AND SPECIAL AD VALOREM LEVIES, EXCEPT FOR
SPECIAL AD VALOREM LEVIES FOR FIRE DISTRICT,  FIRE  PROTECTION  DISTRICT
AND FIRE ALARM DISTRICT PURPOSES AS PROVIDED IN THIS SECTION.
  2. (A) (I) SUCH REAL PROPERTY SHALL BE EXEMPT FOR A PERIOD OF ONE YEAR
TO  THE  EXTENT  OF  SIXTY  PER CENTUM OF THE INCREASE IN ASSESSED VALUE
THEREOF ATTRIBUTABLE TO SUCH CONSTRUCTION, ALTERATION,  INSTALLATION  OR
IMPROVEMENT  AND FOR AN ADDITIONAL PERIOD OF NINE YEARS PROVIDED, HOWEV-
ER, THAT THE EXTENT OF SUCH EXEMPTION SHALL BE DECREASED BY NO LESS THAN
FIVE PER CENTUM EACH YEAR DURING SUCH ADDITIONAL PERIOD  OF  NINE  YEARS
AND  SUCH  EXEMPTION  SHALL  BE  COMPUTED WITH RESPECT TO THE "EXEMPTION
BASE." THE EXEMPTION BASE SHALL BE THE INCREASE  IN  ASSESSED  VALUE  AS
DETERMINED  IN  THE  INITIAL  YEAR OF SUCH TEN YEAR PERIOD FOLLOWING THE
FILING OF AN ORIGINAL APPLICATION, EXCEPT AS  PROVIDED  IN  SUBPARAGRAPH
(II) OF THIS PARAGRAPH.
  (II)  IN  ANY YEAR IN WHICH A CHANGE IN LEVEL OF ASSESSMENT OF FIFTEEN
PERCENT OR MORE IS CERTIFIED FOR A FINAL ASSESSMENT ROLL PURSUANT TO THE
RULES OF THE STATE BOARD, THE EXEMPTION BASE SHALL BE  MULTIPLIED  BY  A
FRACTION,  THE  NUMERATOR  OF WHICH SHALL BE THE TOTAL ASSESSED VALUE OF
THE PARCEL ON SUCH FINAL ASSESSMENT ROLL (AFTER ACCOUNTING FOR ANY PHYS-
ICAL OR QUANTITY CHANGES TO THE PARCEL SINCE THE  IMMEDIATELY  PRECEDING
ASSESSMENT  ROLL),  AND  THE  DENOMINATOR  OF  WHICH  SHALL BE THE TOTAL
ASSESSED VALUE OF THE PARCEL ON THE IMMEDIATELY PRECEDING FINAL  ASSESS-
              

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13708-04-4

A. 9328                             2

MENT  ROLL.  THE  RESULT  SHALL BE THE NEW EXEMPTION BASE. THE EXEMPTION
SHALL THEREUPON BE RECOMPUTED TO TAKE INTO  ACCOUNT  THE  NEW  EXEMPTION
BASE,  NOTWITHSTANDING  THE FACT THAT THE ASSESSOR OR TREASURER RECEIVES
THE  CERTIFICATION  OF  THE  CHANGE  IN  LEVEL  OF  ASSESSMENT AFTER THE
COMPLETION, VERIFICATION AND FILING OF THE FINAL ASSESSMENT ROLL. IN THE
EVENT THE ASSESSOR OR TREASURER DOES NOT HAVE CUSTODY OF THE  ROLL  WHEN
SUCH  CERTIFICATION IS RECEIVED, THE ASSESSOR OR TREASURER SHALL CERTIFY
THE RECOMPUTED EXEMPTION  TO  THE  LOCAL  OFFICERS  HAVING  CUSTODY  AND
CONTROL  OF  THE  ROLL,  AND SUCH LOCAL OFFICERS ARE HEREBY DIRECTED AND
AUTHORIZED TO ENTER THE RECOMPUTED EXEMPTION CERTIFIED BY  THE  ASSESSOR
OR  TREASURER  ON THE ROLL. THE ASSESSOR OR TREASURER SHALL GIVE WRITTEN
NOTICE OF SUCH RECOMPUTED EXEMPTION TO THE PROPERTY OWNER, WHO  MAY,  IF
HE  OR SHE BELIEVES THAT THE EXEMPTION WAS RECOMPUTED INCORRECTLY, APPLY
FOR A CORRECTION IN THE MANNER PROVIDED BY TITLE THREE OF  ARTICLE  FIVE
OF THIS CHAPTER FOR THE CORRECTION OF CLERICAL ERRORS.
  (III)  THE FOLLOWING TABLE SHALL ILLUSTRATE THE COMPUTATION OF THE TAX
EXEMPTION:
YEAR OF EXEMPTION            PERCENTAGE OF EXEMPTION TO BE NO MORE THAN:
         1                                      60
         2                                      55
         3                                      50
         4                                      45
         5                                      40
         6                                      35
         7                                      30
         8                                      25
         9                                      20
         10                                     15
  (B) NO SUCH EXEMPTION SHALL BE GRANTED UNLESS:
  (1) SUCH CONSTRUCTION, ALTERATION,  INSTALLATION  OR  IMPROVEMENT  WAS
COMMENCED  SUBSEQUENT TO THE FIRST DAY OF JULY, TWO THOUSAND THIRTEEN OR
SUCH LATER DATE AS MAY BE SPECIFIED BY LOCAL LAW OR RESOLUTION;
  (2)  THE  COST  OF  SUCH  CONSTRUCTION,  ALTERATION,  INSTALLATION  OR
IMPROVEMENT  EXCEEDS  THE  SUM  OF  TEN THOUSAND DOLLARS OR SUCH GREATER
AMOUNT AS MAY BE SPECIFIED BY LOCAL LAW OR RESOLUTION; AND
  (3) SUCH CONSTRUCTION,  ALTERATION,  INSTALLATION  OR  IMPROVEMENT  IS
COMPLETED  AS  MAY  BE  EVIDENCED BY A CERTIFICATE OF OCCUPANCY OR OTHER
APPROPRIATE DOCUMENTATION AS PROVIDED BY THE OWNER.
  (C) FOR PURPOSES OF THIS SECTION THE TERMS  CONSTRUCTION,  ALTERATION,
INSTALLATION  AND IMPROVEMENT SHALL NOT INCLUDE ORDINARY MAINTENANCE AND
REPAIRS.
  (D) NO SUCH EXEMPTION SHALL BE GRANTED CONCURRENT WITH  OR  SUBSEQUENT
TO  ANY  OTHER  REAL PROPERTY TAX EXEMPTION GRANTED TO THE SAME IMPROVE-
MENTS TO REAL PROPERTY, EXCEPT, WHERE DURING THE PERIOD OF SUCH PREVIOUS
EXEMPTION, PAYMENTS IN LIEU OF TAXES OR OTHER PAYMENTS WERE MADE TO  THE
LOCAL  GOVERNMENT  IN AN AMOUNT THAT WOULD HAVE BEEN EQUAL TO OR GREATER
THAN THE AMOUNT OF REAL PROPERTY TAXES THAT WOULD HAVE BEEN PAID ON SUCH
IMPROVEMENTS HAD SUCH PROPERTY BEEN GRANTED  AN  EXEMPTION  PURSUANT  TO
THIS  SECTION.  IN SUCH CASE, AN EXEMPTION SHALL BE GRANTED FOR A NUMBER
OF YEARS EQUAL TO THE  TEN  YEAR  EXEMPTION  GRANTED  PURSUANT  TO  THIS
SECTION LESS THE NUMBER OF YEARS THE PROPERTY WOULD HAVE BEEN PREVIOUSLY
EXEMPT FROM REAL PROPERTY TAXES.
  3.  SUCH EXEMPTION SHALL BE GRANTED ONLY UPON APPLICATION BY THE OWNER
OF SUCH REAL PROPERTY ON A FORM PRESCRIBED  BY  THE  STATE  BOARD.  SUCH
APPLICATION  SHALL  BE FILED WITH THE ASSESSOR OR TREASURER OF THE CITY,
TOWN, VILLAGE, OR COUNTY HAVING THE POWER TO ASSESS PROPERTY  FOR  TAXA-

A. 9328                             3

TION  ON  OR  BEFORE  THE  APPROPRIATE TAXABLE STATUS DATE OF SUCH CITY,
TOWN, VILLAGE OR COUNTY AND WITHIN ONE YEAR FROM THE DATE OF  COMPLETION
OF SUCH CONSTRUCTION, ALTERATION, INSTALLATION OR IMPROVEMENT.
  4.  IF  THE  ASSESSOR  OR TREASURER IS SATISFIED THAT THE APPLICANT IS
ENTITLED TO AN EXEMPTION PURSUANT TO  THIS  SECTION,  HE  OR  SHE  SHALL
APPROVE  THE  APPLICATION  AND  SUCH  REAL  PROPERTY SHALL THEREAFTER BE
EXEMPT FROM TAXATION AND SPECIAL AD VALOREM LEVIES, EXCEPT  FOR  SPECIAL
AD  VALOREM  LEVIES FOR FIRE DISTRICT, FIRE PROTECTION DISTRICT AND FIRE
ALARM DISTRICT PURPOSES, AS HEREIN PROVIDED COMMENCING WITH THE  ASSESS-
MENT ROLL PREPARED AFTER THE TAXABLE STATUS DATE REFERRED TO IN SUBDIVI-
SION  THREE OF THIS SECTION. THE ASSESSED VALUE OF ANY EXEMPTION GRANTED
PURSUANT TO THIS SECTION SHALL BE ENTERED BY THE ASSESSOR  OR  TREASURER
ON THE ASSESSMENT ROLL WITH THE TAXABLE PROPERTY, WITH THE AMOUNT OF THE
EXEMPTION SHOWN IN A SEPARATE COLUMN.
  5.  THE  PROVISIONS  OF THIS SECTION SHALL APPLY TO MIXED USE PROPERTY
WHERE THE FOLLOWING IS POSSIBLE: (A) REAL PROPERTY  USED  PRIMARILY  FOR
THE  BUYING, SELLING, STORING OR DEVELOPING GOODS OR SERVICES, THE MANU-
FACTURE OR ASSEMBLY OF GOODS OR THE PROCESSING OF RAW MATERIALS; AND (B)
REAL PROPERTY USED PRIMARILY FOR THE FURNISHING  OF  DWELLING  SPACE  OR
ACCOMMODATIONS  TO  EITHER  RESIDENTS OR TRANSIENTS OTHER THAN HOTELS OR
MOTELS.
  6. IN THE EVENT THAT REAL PROPERTY GRANTED AN  EXEMPTION  PURSUANT  TO
THIS  SECTION  CEASES  TO  BE  USED PRIMARILY FOR ELIGIBLE PURPOSES, THE
EXEMPTION GRANTED PURSUANT TO THIS SECTION SHALL CEASE.
  7. A COUNTY, CITY, TOWN OR VILLAGE MAY, BY LOCAL  LAW,  AND  A  SCHOOL
DISTRICT,  EXCEPT  A  CITY SCHOOL DISTRICT TO WHICH ARTICLE FIFTY-TWO OF
THE EDUCATION LAW APPLIES, MAY, BY RESOLUTION, REDUCE THE PER CENTUM  OF
EXEMPTION OTHERWISE ALLOWED PURSUANT TO THIS SECTION; PROVIDED, HOWEVER,
THAT  A  PROJECT IN COURSE OF CONSTRUCTION AND EXEMPTIONS EXISTING PRIOR
IN TIME TO PASSAGE OF ANY SUCH LOCAL LAW  OR  RESOLUTION  SHALL  NOT  BE
SUBJECT  TO  ANY  SUCH  REDUCTION  SO  EFFECTED. ANY COUNTY, CITY, TOWN,
VILLAGE OR SCHOOL DISTRICT THAT HAS REDUCED THE PER CENTUM OF  EXEMPTION
PURSUANT  TO THIS SUBDIVISION MAY THEREAFTER, BY LOCAL LAW OR RESOLUTION
AS THE CASE MAY BE, INCREASE THE PER CENTUM OF EXEMPTION UP TO  ANY  PER
CENTUM NOT EXCEEDING THE MAXIMUM ALLOWED BY SUBDIVISION TWO OR TWELVE OF
THIS  SECTION, WHICHEVER IS APPLICABLE, PROVIDED, HOWEVER, THAT ANY SUCH
LOCAL LAW OR RESOLUTION SHALL APPLY ONLY TO  CONSTRUCTION,  ALTERATIONS,
INSTALLATIONS,  OR  IMPROVEMENTS  COMMENCED  SUBSEQUENT TO THE EFFECTIVE
DATE OF SUCH LOCAL LAW OR RESOLUTION. A COPY OF ALL SUCH LOCAL  LAWS  OR
RESOLUTIONS  SHALL  BE  FILED  WITH  THE STATE BOARD AND THE ASSESSOR OR
TREASURER OF EACH ASSESSING UNIT WHICH COMPRISES THE COUNTY, CITY,  TOWN
OR SCHOOL DISTRICT OR, IN THE CASE OF A VILLAGE, THE VILLAGE ASSESSOR OR
TREASURER,  OR  THE APPLICABLE TOWN OR COUNTY ASSESSOR OR TREASURER OF A
VILLAGE WHICH HAS ADOPTED A LOCAL LAW PROVIDED IN SUBDIVISION  THREE  OF
SECTION FOURTEEN HUNDRED TWO OF THIS CHAPTER.
  8.  A  COUNTY,  CITY,  TOWN OR VILLAGE MAY, BY LOCAL LAW, AND A SCHOOL
DISTRICT, EXCEPT A CITY SCHOOL DISTRICT TO WHICH  ARTICLE  FIFTY-TWO  OF
THE  EDUCATION  LAW APPLIES MAY, BY RESOLUTION, ESTABLISH A DATE FOR THE
COMMENCEMENT OF EFFECTIVENESS OF EXEMPTIONS  OFFERED  PURSUANT  TO  THIS
SECTION  AND MAY PROVIDE THAT THE PROVISIONS OF THIS SECTION SHALL APPLY
ONLY TO CONSTRUCTION, ALTERATION, INSTALLATION OR IMPROVEMENTS HAVING  A
GREATER VALUE THAN THAT SPECIFIED BY SUBDIVISION TWO OF THIS SECTION.
  9.  (A)  A  COUNTY, CITY OUTSIDE THE CITY OF NEW YORK, TOWN OR VILLAGE
MAY, BY LOCAL LAW, AND A SCHOOL DISTRICT WHICH LEVIES SCHOOL TAXES  MAY,
BY  RESOLUTION,  ESTABLISH  A  BOARD  TO  BE KNOWN AS THE INDUSTRIAL AND

A. 9328                             4

COMMERCIAL INCENTIVE BOARD. THE MEMBERSHIP AND COMPOSITION OF SUCH BOARD
SHALL BE SET FORTH IN THE LOCAL LAW OR RESOLUTION.
  (B) THE INDUSTRIAL AND COMMERCIAL INCENTIVE BOARD SHALL PRESENT A PLAN
TO THE APPOINTING LOCAL LEGISLATIVE BODY CONCERNING THE VARIOUS TYPES OF
BUSINESS,  MULTI-FAMILY OR MIXED USE RESIDENTIAL CONSTRUCTION REAL PROP-
ERTY WHICH SHOULD BE GRANTED ELIGIBILITY FOR AN  EXEMPTION  PURSUANT  TO
SUBDIVISION  ONE  OF  THIS SECTION. SUCH PLAN SHALL MAKE RECOMMENDATIONS
CONCERNING THE APPLICABILITY OF THE EXEMPTION TO  SPECIFIC  SECTORS  AND
SUBSECTORS,  AS  DEFINED  IN  THE NORTH AMERICAN INDUSTRY CLASSIFICATION
SYSTEM PUBLISHED BY THE UNITED STATES GOVERNMENT. SUCH PLAN  SHALL  ALSO
MAKE  A  RECOMMENDATION  AS  TO  WHETHER  THE  EXEMPTION  BE COMPUTED AS
PROVIDED IN SUBDIVISION TWO OR TWELVE OF THIS SECTION. IN ADDITION, SUCH
PLAN  SHALL  IDENTIFY  SPECIFIC  GEOGRAPHIC  AREAS  WITHIN  WHICH   SUCH
EXEMPTIONS  SHOULD  BE  OFFERED. IN DEVELOPING THE PLAN REQUIRED BY THIS
PARAGRAPH, THE BOARD SHALL CONSIDER  THE  PLANNING  OBJECTIVES  OF  EACH
MUNICIPALITY  WITHIN WHICH SUCH EXEMPTIONS MAY BE OFFERED, THE NECESSITY
OF THE EXEMPTION TO THE ATTRACTION OR RETENTION OF SUCH BUSINESS AND THE
ECONOMIC BENEFIT TO THE AREA OF PROVIDING EXEMPTIONS TO VARIOUS TYPES OF
BUSINESSES.
  (C) IN ADDITION, THE BOARD MAY MAKE RECOMMENDATIONS TO THE  APPOINTING
LOCAL  LEGISLATIVE  BODY  WITH  RESPECT TO ACTIONS IT DEEMS DESIRABLE TO
IMPROVE THE ECONOMIC CLIMATE THEREIN.
  (D) NOTWITHSTANDING THE PROVISIONS OF PARAGRAPH (A) OF  THIS  SUBDIVI-
SION,  WHERE A COUNTY ESTABLISHES AN INDUSTRIAL AND COMMERCIAL INCENTIVE
BOARD, THE MEMBERS OF SUCH BOARD SHALL BE APPOINTED  AS  FOLLOWS:  THREE
REPRESENTATIVES  OF THE COUNTY: THE APPOINTMENT OF ONE SHALL BE RESERVED
TO THE COUNTY EXECUTIVE OF THE COUNTY WHO SHALL SERVE AS CHAIR, AND  ONE
EACH FOR THE MAJORITY AND THE MINORITY PARTIES OF THE COUNTY LEGISLATIVE
BODY;  ONE  REPRESENTATIVE  FOR EACH CITY LOCATED WITHIN THE COUNTY UPON
THE RECOMMENDATION OF THE MAYOR; ONE  REPRESENTATIVE  FOR  EACH  OF  THE
TOWNS  LOCATED WITHIN THE COUNTY UPON THE RECOMMENDATION OF THE SUPERVI-
SOR; ONE REPRESENTATIVE TO COLLECTIVELY REPRESENT ALL  OF  THE  VILLAGES
LOCATED  WITHIN  THE COUNTY UPON THE RECOMMENDATION OF THE MAYORS OF THE
VILLAGES IN THE COUNTY; AND ONE REPRESENTATIVE TO COLLECTIVELY REPRESENT
ALL OF THE SCHOOL DISTRICTS LOCATED WITHIN THE COUNTY  UPON  RECOMMENDA-
TION  OF THE COUNTY SCHOOL BOARDS ASSOCIATION. THE MEMBERS OF SUCH BOARD
SHALL SERVE AT THE PLEASURE OF THE GOVERNING BODY WHICH THEY  REPRESENT.
THE  MEMBERS SHALL SERVE WITHOUT SALARY, BUT THE COUNTY LEGISLATIVE BODY
MAY ENTITLE EACH SUCH MEMBER TO REIMBURSEMENT FOR HIS OR HER ACTUAL  AND
NECESSARY EXPENSES INCURRED IN THE PERFORMANCE OF HIS OR HER DUTIES.
  10.  WHERE A COUNTY, CITY, TOWN, VILLAGE OR SCHOOL DISTRICT HAS ESTAB-
LISHED AN INDUSTRIAL AND COMMERCIAL INCENTIVE BOARD, PURSUANT TO  SUBDI-
VISION  NINE OF THIS SECTION, SUCH COUNTY, CITY, TOWN OR VILLAGE MAY, BY
LOCAL LAW, AND A SCHOOL DISTRICT, EXCEPT A CITY SCHOOL DISTRICT TO WHICH
ARTICLE FIFTY-TWO OF THE EDUCATION  LAW  APPLIES,  MAY,  BY  RESOLUTION,
RESTRICT REAL PROPERTY ELIGIBLE TO RECEIVE THE EXEMPTION TO REAL PROPER-
TY  CONSTRUCTED, ALTERED, INSTALLED OR IMPROVED FOR THOSE PURPOSES IDEN-
TIFIED IN THE PLAN PRESENTED BY THE BOARD. SUCH LAW OR RESOLUTION  SHALL
IDENTIFY  THE  SPECIFIC  SECTORS AND SUBSECTORS, AS DEFINED IN THE NORTH
AMERICAN INDUSTRY CLASSIFICATION SYSTEM PUBLISHED BY THE  UNITED  STATES
GOVERNMENT  TO  WHICH  THE  EXEMPTION  SHALL  BE APPLICABLE. SUCH LAW OR
RESOLUTION SHALL ALSO RESTRICT THE AVAILABILITY OF SUCH EXEMPTION TO THE
SPECIFIC GEOGRAPHIC AREAS IDENTIFIED IN THE PLAN PRESENTED BY THE BOARD.
  11. WHERE A COUNTY, BY  LAW,  RESTRICTS  EXEMPTIONS  PURSUANT  TO  THE
RECOMMENDATIONS  OF AN INDUSTRIAL AND COMMERCIAL INCENTIVE BOARD, ESTAB-
LISHED PURSUANT TO SUBDIVISION NINE OF  THIS  SECTION,  SUCH  RESTRICTED

A. 9328                             5

EXEMPTIONS SHALL BE APPLICABLE TO TAXES AND SPECIAL AD VALOREM LEVIES OF
EACH  CITY,  TOWN,  VILLAGE  AND SCHOOL DISTRICT LOCATED WITHIN THE AREA
WITHIN WHICH THE RESTRICTED EXEMPTIONS ARE OFFERED BY THE COUNTY, UNLESS
SUCH  CITY,  TOWN  OR  VILLAGE  SHALL,  BY LAW, OR SUCH SCHOOL DISTRICT,
SHALL, BY RESOLUTION, DETERMINE THAT SUCH  RESTRICTED  EXEMPTIONS  SHALL
NOT  BE  APPLICABLE  TO  ITS TAX AND AD VALOREM LEVIES. UPON ADOPTION OF
SUCH LAW, THE COUNTY SHALL NOTIFY EACH AFFECTED CITY, TOWN, VILLAGE  AND
SCHOOL  DISTRICT OF ITS ACTIONS AND INFORM THEM OF THEIR OPTIONS REGARD-
ING SUCH RESTRICTED EXEMPTIONS.
  12. NOTWITHSTANDING SUBDIVISION TWO OF THIS SECTION, WHERE  A  COUNTY,
CITY,  TOWN,  VILLAGE  OR  SCHOOL  DISTRICT ADOPTS RESTRICTED EXEMPTIONS
PURSUANT TO SUBDIVISION TEN OF THIS SECTION, THE LAW OR  RESOLUTION  MAY
PROVIDE THAT SUCH EXEMPTIONS SHALL BE COMPUTED PURSUANT TO THE FOLLOWING
ACCELERATED STRATEGIC EXEMPTION SCHEDULE:
YEAR OF EXEMPTION            PERCENTAGE OF EXEMPTION TO BE NO MORE THAN:
         1                                      60
         2                                      60
         3                                      60
         4                                      50
         5                                      50
         6                                      45
         7                                      40
         8                                      35
         9                                      25
         10                                     15
PROVIDED HOWEVER, THAT SUCH LAW OR RESOLUTION SHALL:
  (I)  CONTAIN  FINDINGS THAT THE ADOPTION OF THIS ACCELERATED STRATEGIC
EXEMPTION SCHEDULE IS NECESSARY TO ENCOURAGE TARGETED ECONOMIC  DEVELOP-
MENT, CREATE OR RETAIN PERMANENT PRIVATE SECTOR JOBS, AND THAT THE VALUE
OF  THE  EXEMPTIONS  TO  BE PROVIDED IS JUSTIFIED BY THE NEED TO PROVIDE
EMPLOYMENT OPPORTUNITIES AND BROADEN THE TAX BASE; AND
  (II) LIMIT THE APPLICABILITY OF SUCH SCHEDULE TO  PROJECTS  WHERE  THE
COST  OF  SUCH  CONSTRUCTION,  ALTERATION,  INSTALLATION  OR IMPROVEMENT
EXCEEDS THE SUM OF FIFTY THOUSAND DOLLARS; AND
  (III) PROVIDE THAT SUCH EXEMPTIONS ARE RESTRICTED BY GEOGRAPHIC  AREAS
AND/OR  GROUPS  AND MAJOR DIVISIONS AS IS PROVIDED BY SUBDIVISION TEN OF
THIS SECTION.
  13. A COUNTY, CITY, OR TOWN WITH A VILLAGE WITH A  POPULATION  OF  NOT
LESS  THAN FIVE THOUSAND AND NOT MORE THAN SIX THOUSAND IN COUNTIES WITH
A POPULATION OF NOT LESS THEN TWO HUNDRED NINETY THOUSAND AND  NOT  MORE
THAN THREE HUNDRED FIVE THOUSAND MAY, BY LOCAL LAW, ESTABLISH A DATE FOR
THE  COMMENCEMENT OF THE EFFECTIVENESS OF THE EXEMPTION OFFERED PURSUANT
TO THIS SECTION. A COPY OF THE  LOCAL  LAWS  SHALL  BE  FILED  WITH  THE
COMMISSIONER,  THE  ASSESSOR OR TREASURER OF THE MUNICIPALITY, THE CLERK
OF THE MUNICIPALITY, AND THE SECRETARY OF STATE.
  14. A VILLAGE WITH A POPULATION OF NOT LESS THAN FIVE THOUSAND AND NOT
MORE THAN SIX THOUSAND IN COUNTIES WITH A POPULATION OF  NOT  LESS  THAN
TWO  HUNDRED  NINETY THOUSAND AND NOT MORE THAN THREE HUNDRED FIVE THOU-
SAND MAY, BY LOCAL LAW,  AND  ANY  SCHOOL  DISTRICT  WHICH  SERVES  SUCH
VILLAGE, MAY, BY RESOLUTION ESTABLISH A DATE FOR THE COMMENCEMENT OF THE
EFFECTIVENESS  OF THE EXEMPTION OFFERED PURSUANT TO THIS SECTION. A COPY
OF THE LOCAL LAWS SHALL BE FILED WITH THE COMMISSIONER, THE ASSESSOR  OR
TREASURER  OF  THE  MUNICIPALITY, THE CLERK OF THE MUNICIPALITY, AND THE
SECRETARY OF STATE.
  S 2. This act shall take effect immediately.