§ 489-eeeee. Reporting requirement; termination of benefits. 1. Upon approval of the department of buildings of the plans submitted in connection with the building permit and any amendments to such plans, the recipient shall file with the department of finance a narrative description of such approved plans describing the residential construction work or combination of residential construction work and commercial construction work for which the recipient seeks benefits pursuant to this title.

Terms Used In N.Y. Real Property Tax Law 489-EEEEE

  • Aggregate floor area: means the sum of the gross areas of the several floors of a building or structure, measured from the exterior faces of exterior walls or from the center lines of walls separating two buildings or structures. See N.Y. Real Property Tax Law 489-AAAAA
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Approved plans: means plans submitted to and approved by the department of buildings in connection with an applicant's building permit, including any amendments to such plans approved by such department before final inspection of the work for which such permit was issued. See N.Y. Real Property Tax Law 489-AAAAA
  • Benefit period: means the period of time when a recipient is eligible to receive benefits pursuant to this title. See N.Y. Real Property Tax Law 489-AAAAA
  • Certificate of eligibility: means the document issued by the department of finance pursuant to section four hundred eighty-nine-ddddd of this title. See N.Y. Real Property Tax Law 489-AAAAA
  • Commercial construction work: means the modernization, rehabilitation, expansion or other improvement of the portion of mixed-use property to be used for commercial purposes. See N.Y. Real Property Tax Law 489-AAAAA
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Minimum required expenditure: means expenditure for residential construction work or a combination of residential construction work and commercial 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 deputy mayor for finance and economic development, determines that a greater expenditure is required to encourage significant development of mixed-use property, it may establish by rule a higher percentage of initial assessed value, not to exceed fifty per centum thereof, as the minimum required expenditure. See N.Y. Real Property Tax Law 489-AAAAA
  • Oath: A promise to tell the truth.
  • Recipient: means an applicant to whom a certificate of eligibility has been issued pursuant to this title, or the successor in interest of such applicant, provided that where a person who has entered into a lease or purchase agreement with the owner or lessee of exempt property has been a co-applicant, such person or the successor in interest of such person shall be the recipient. See N.Y. Real Property Tax Law 489-AAAAA
  • Residential construction work: means the creation, modernization, rehabilitation, expansion or other improvement of dwelling units, other than dwelling units in a hotel, in the portion of mixed-use property to be used for residential purposes. See N.Y. Real Property Tax Law 489-AAAAA
  • Restricted activity: means any entertainment activity which the department of finance has identified in rules as an activity which, in the public interest, should not be encouraged through the benefits of this title. See N.Y. Real Property Tax Law 489-AAAAA

2. For the duration of the benefit period, the recipient shall file annually with the department of finance, on or before the taxable status date, a certificate of continuing use. Such certificate of continuing use shall be on a form prescribed by the department of finance. The department of finance shall have the authority to require such information as it deems necessary to enable it to determine whether the recipient has established continuing eligibility for benefits. The department of finance shall have the authority to terminate benefits pursuant to this title upon failure of the recipient to file such certificate by the taxable status date. The burden of proof shall be on the recipient to establish continuing eligibility for benefits and the department of finance shall have the authority to require that statements made in such certificate shall be made under oath.

3. A recipient shall file an amendment to the latest certificate of continuing use prior to (a) converting square footage within property which is the subject of a certificate of eligibility from the residential and commercial uses described in such certificate of continuing use where such conversion results in twenty-five per centum or less of the aggregate floor area being used or held out for use as commercial, community facility or accessory use space; or (b) converting any portion of property which is the subject of a certificate of eligibility to use for any restricted activity.

4. Not later than eighteen months after the effective date of a certificate of eligibility, with an effective date of July first, nineteen hundred ninety-five or after, the recipient shall present evidence to the department of finance demonstrating that the recipient has made one-half the minimum required expenditure. Not later than thirty-six months after the effective date of such certificate, such recipient shall present evidence to such department demonstrating that the recipient has made the minimum required expenditure. Such evidence shall be presented in the form and manner prescribed by such department. The burden of proof shall be on the recipient to show by clear and convincing evidence that the required expenditures have been made.

  Previous section
Next section  
 Title 2-E Contents