§ 412-a. Industrial development agencies. 1. Real property owned by or
under the jurisdiction, supervision or control of industrial development
agencies enumerated in the general municipal law shall be entitled to
such exemption as may be provided therein.

2. Application for such exemption must be made by the agency on a form
prescribed by the commissioner and shall be filed in the office of the
assessor on or before the appropriate taxable status date for the year
in which the exemption is first claimed. At such time, copies of such
application shall be mailed or delivered to the chief elected official
of each school district, city, county, town and village within which the
project is located. Such application shall include an extract of the
terms of any agreement relating to the project. No application shall be
required in subsequent years unless the terms of the agreement are
modified or changed.