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6. There shall be no exemption from or deferral of a payment of real
property taxes available pursuant to this title to any person
forms commercial or renovation construction work in an excluded area,
except as provided in paragraphs (b) and (c) of subdivision five of sec-
tion four hundred eighty-nine-cccc of this title.

5 13. . Subdivision 7 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:

7. The benefits of this title shall be granted exclusively for indus-
trial [and], commercial or renovation construction work described in ap-
proved plans. No benefits shall be granted for residential construction
work. Any parcel which is partly located in an excluded area shall be
deemed to be entirely located in such area.

§ 14. Subdivision 2 of section 489-cccc of the real property tax law,
as added by chapter 966 of the laws of 1984, paragraphs (a) and (c), as
amended by chapter 4 of the laws of 1992, is amended to read as
follows:
2.

(a) The commission shall meet in nineteen hundred ninety-two and
nineteen hundred ninety-five to determine the boundaries of the various
areas which it is authorized to designate pursuant to this section. The
areas designated by the commission in effect of December thirty-
first, nineteen hundred ninety-one shall remain in effect until the
first' taxable status date after the [commission makes] local legislative
body approves

designation pursuant to paragraph (d) of this
[section] subdivision.

(b) Not later than [November first] September fifteenth of each year
when areas are to be designated, the commission shall publish notice
at least once in the city's official paper or a newspaper of general
circulation in the city setting forth the proposed boundaries of
to be designated and the date, not earlier than ten nor later than
thirty days following the publication of such notice, on which the
mission will hold a public hearing to hear all persons interested in the
designation of areas. A copy of such notice shall be forwarded to the
local legislative body and each community board of the city.
(c) The

commission shall make such designation, and not ify the local
legislative body of such designation, not later than

(the last day before the first taxable status date following the conclusion of such public hearing) November first of each

year when areas are to be designated. The designation shall be effective as [of the first taxable status date after it is made and shall remain in effect until the first taxable status date after the commission makes a new designation pursuant to this section; provided, however, that the first designation shall take effect immediately] provided in paragraph

paragraph (d) of this subdivision.

(d). Within thirty days after the first stated meet ing of the local legislative body, following the receipt of notice of such designation, the local legislative body nay, by majority vote, disapprove such designation. If, within such thirty-day period,' the local legislative body fails to act

fails to act by the required vote, the local
legislative body shall be deemed to have approved such designation.
Such designation shall be effective as of the first taxable status date
after the local legislative body approves such designation and shall
remain in effect until the first taxable status date after the local
legislative body approyes a new designation pursuant to this paragraph.

15. Subdivision 4 of section 489-cccc of the real property tax law
is amended by adding a new paragraph (c) to read as follows:
(c)

In the city of New York, on or after January first, nineteen hun-
dred ninety-two, the commission shall not designate, any

area to be
either deferral area or an excluded area, nor shall the commission
make any new designation in any urban renewal area designated pursuant
to article fifteen of the general municipal law so as to reduce the
level of benefits available pursuant to this title in such area.
S 16.

Subdivision 5 of section 489-cccc of the real property tax law
is repealed and a new subdivision 5 is added to read as follows:

5. (a) The following area in the borough of Manhattan shall, except as otherwise provided in paragraphs (b), (c) and (d) of this subdivision, be an excluded area:, the area in the borough of Manhattan lying south of 96th Street and north of 23rd Street.

(b) The following areas in the borough of Manhattan shall, except as otherwise provided in paragraph (d) of this subdivision,

be excluded areas as of July first, nineteen hundred ninety-two; provided, however, that if an application for a certificate of eligibility has been filed

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for commercial construction work in such areas on or before December
thirty-first, nineteen hundred ninety-two and the recipient presents
evidence satisfactory to the department of finance: (i) (A) for a new
building or structure, that construction has been completed on a founda-
tion, as described in

approved

plans, on or before June thirtieth, nineteen hundred ninety-three; or (B) for an existing building or structure, that at least five per centum of the minimum required expenditure has been made for commercial construction work, as described in approved plans, on or before June thirtieth, nineteen' hundred ninety-three; and (ii) that all other requirements of this title have been met; then, a deferral of tax payments pursuant to subdivision four of section four hundred eighty-nine-bbbb of this title shall be granted for such commercial construction work, except that no deferral of tax payments shall be granted for commercial construction work on mixed-use property:

(1) the area delineated by a line beginning at the point where the center line of 96th Street would intersect the Hudson River Pierhead line and running easterly, along the center line of 96th Street to the center line of Central Park West; thence southerly along said center line to the center line of 59th Street; thence westerly along said center line to the Hudson River Pierhead line; thence northerly along said Pierhead line to the point of beginning; and

(2) the area delineated by a sine beginning at a point where the center line of 59th Street would intersect with a point one hundred fifty feet west of the center line of 8th Avenue and running easterly along the center line of 59th Street to a point one hundred fifty feet west of the center line of the Avenue of the Anericas; thence southerly parallel to the Avenue of the Americas to a point which is the midpoint between the center line of 42nd Street and the center line of 41st Street; thence westerly parallel to 41st Street to a point

hundred fifty feet west of the center line of 8th Avenue; thence northerly parallel to 8th Avenue to the point of beginning.

(c) The following area in the borough of Manhattan shall, except as otherwise provided in paragraph (d) of this subdivision, be an excluded area as of January first, nineteen hundred ninety-three; provided, however, that if an application for a certificate of eligibility has been filed for commercial construction work in such area on or before December thirty-first, nineteen hundred ninety-two and the recipient presents evidence satisfactory to the department of finance: (i) (A) for a new building or structure, that construction has been completed on a foundation,

described in approved plans, on or before December thirtyfirst, nineteen hundred ninety-three; or (B) for an existing building or structure, that at least five per centuin of the minimun required expenditure has been made for commercial construction work, as described in approved plans,

before December thirty-first, nineteen hundred ninety-three; and (ii) that all other requirements of this title have been met, then, a deferral of tax payments pursuant to subdivision four of section four hundred eighty-nine-bbbb of this title shall be granted for such

commercial construction work, except that no deferral of tax
payments shall be granted for commercial construction work on mixed-use
property: the area delineated by a line beginning at the point where the
center line of 59th Street would intersect with the Hudson River
Pierhead line; thence southerly along said Pierhead line to the center
line of Liberty Street; thence easterly along said center line to the
center line of Church Street; thence northerly along said center line to
the center line of Fulton Street; thence easterly along said center line
to the East River Pierhead line; thence northerly along said Pierhead
line to a point which is the midpoint between the center line of 34th
Street and the center line of 33rd Street; thence westerly parallel to
33rd Street to a point one hundred fifty feet west of the center line of
the Avenue of the Americas; thence northerly parallel to the Avenue of
the Americas to a point which is midpoint between the center line of
42nd Street and the center line of 41st Street; thence westerly parallel
to 41st Street to a point one hundred fifty feet west of the center line
of 8th Avenue; thence northerly parallel to 8th Avenue to the centerline
of 59th Street; thence westerly along said center line to the point of
beginning.

(d) Notwithstanding the provisions of paragraphs (a), (b) and (c) of
this subdivision, the following areas in the borough of Manhattan shall
be renovation

exemption areas: (i) as of July first, nineteen hundred
EXPLANATION—Matter in italics is new; matter in brackets [ ] is old law

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ninety-two and thereafter: the area in the borough of Manhattan lying
south of 23rd Street; and (ii) of July first, nineteen hundred
ninety-two and until June thirtieth, nineteen hundred ninety-four: the
area in the borough of Manhattan lying south of 96th Street and north of
23rd Street.

§ 17. Subdivision 1 of section 489-dddd of the real property tax law,
as added by chapter 966 of the laws of

1984,

is amended to read
follows:

1. A recipient of a certificate of eligibility with an effective date
of June thirtieth, nineteen hundred ninety-two or before must make one-
half the minimum required expenditure within eighteen months of the ef-
fective date of such recipient's certificate of eligibility, and make
the minimum required expenditure within thirty-six months of the effec-
tive date of such certificate to be eligible to receive the benefits of
this title. A recipient of a certificate of eligibility with an effec-
tive date of July first, nineteen hundred ninety-two or after must make
one-half the minimum required expenditure within thirty months of the
effective date of such recipient's certificate of eligibility, and make
the minimum required expenditure within sixty months of the effective
date of such certificate to be eligible to receive the benefits of this
title; provided, however, that a recipient of a certificate of eligibil-
ity for renovation construction work for property located in the renova-
tion
exemption

area specified in subparagraph (ii) of paragraph (d) of
subdivision five of section four hundred eighty-nine-cccc of this title
must make one-half minimum required expenditure within eighteen months
of the effective date of such recipient's certificate of eligibility, or
by December thirty-first, nineteen hundred ninety-four, whichever is
earlier, and make the minimum required expenditure within thirty-six
months of the effective date of such certificate, or by December thirty-
first, nineteen hundred ninety-five, whichever is earlier, to be eligi;
ble to receive the benefits of this title. Any recipient who shall fail
to make such expenditures shall become ineligible and

shall pay,

with interest, any taxes for which an exemption or deferral was claimed pursuant to this section.

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

2. No benefits pursuant to this title shall be granted for construction work on any condominium unit unless such unit is in a building or structure which, if viewed as a whole and as if it were under single ownership, would qualify as commercial or industrial property. The mini: mum required expenditure applicable to any recipient of a certificate of eligibility for construction work on a condominium unit shall be equal to the minimum expenditure which would apply if a certificate of eligibility were issued for construction work on the entire

property where such unit is located. Nothing in this subdivision shall be construed to prevent owners of condominium units in the same property from forming an association to be a recipient. This subdivision shall not apply to any applicant whose property would be, or recipient whose property is, the subject of a certificate of eligibility with an effective date of July first, nineteen hundred ninety-two or after.

§ 19. Subdivision 3 of section 489-dddd of the real property tax law, as added by chapter 966 of the laws of 1984, is amended

to read as follows:

(a) No benefits pursuant to this title shall be granted for any construction work unless the applicant filed application for such benefits on or before the date of issuance of a building permit for such work. The requirements of this subdivision may be satisfied where the applicant's

architect, contractor or other representative authorized to
file the application for such building permit files with the department
of finance on behalf of the applicant a preliminary application contain:
ing such information as the department of finance shall prescribe by
regulation.

b) Notwithstanding paragraph (a) of this subdivision, an applicant
may file an application for benefits pursuant to this title for
tion construction

work for property located in the areas specified in
paragraph (ç) of this subdivision, regardless of whether a building per:
mit for such work was issued before such application was filed, provided
that such permit was not issued before January first,

nineteen 'hundred ninety,

after June thirtieth, nineteen hundred ninety-two, and provided further that a final application is filed with, and accepted by, the department of finance, or before December thirty-first,

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nineteen hundred ninety-two. The department of finance shall

issue certificate of eligibility to such an applicant upon determining that the applicant satisfies all other requirements of this title. The effective date of such certificate shall be the date of acceptance by the department of finance of a final application containing such information

prescribed by rule of the department of finance. No benefits pursuant to this title shall be granted for construction work performed before the effective date of the recipient's certificate of eligibility.

(c) Pursuant to paragraph (b) of this subdivision, an applicant may file an application for benefits pursuant to this title for renovation construction work for property located in the following areas in the borough of Manhattan lying south of 96th Street:

(i) the area delineated by a line beginning at the point where the center line of 96th Street would intersect the East River Pierhead line and running westerly along the center line of 96th Street to the center line of Fifth Avenue; thence southerly along said center line to the center line of 59th Street; thence westerly along said center line to a point one hundred fifty feet west of the center line of the Avenue of the Americas; thence southerly parallel to the Avenue of the Americas to the center line of 34th Street; thence easterly along said center line to the East River Pierhead line; thence northerly along said Pierhead line to the point of beginning; and

(ii) the area delineated by a line beginning at the point where the center line of Fulton Street would intersect the East River Pierhead line and running weșterly along the center line of Fulton Street to the center line of Church Street; thence southerly along said center line to the center line of Liberty Street; thence westerly along said center line to the Hudson River Pierhead line; thence southerly and along said Pierhead line to the point of beginning.

§ 20. Subdivision 1 of section 489-eeee of the real property tax law, as amended by chapter 4 of the laws of 1992, is amended to read follows:

1. Application for a certificate of eligibility pursuant to this title may be made immediately following the effective date of local law enacted pursuant to this title and continuing until June thirtieth, nineteen hundred [ninety-two] ninety-nine; provided, however, that application for a çertificate of eligibility for renovation construction work for property located in the renovation exemption area specified

in șubparagraph (ii) of paragraph (d) of subdivision five of section four hundred eighty-nine-cccc of this title may not be made after June thirtieth, nineteen hundred ninety-four. Such application shall state whether it is for industrial [or], commercial or renovation construction work,, and shall be filed with the department of finance. In addition to any other information required by such department, the application shall include cost estimates or bids for the proposed construction and an affidavit of a professional engineer

architect of the applicant's choice, certifying that detailed plans for the construction work have been submitted to the department of buildings. Such application shall also state that the applicant agrees to comply with and be subject to the rules and regulations issued from time to time by the department of finance to secure compliance with all applicable city, state and federal laws or which implement mayoral directives and executive orders designed to ensure equal employment opportunity. If required by local law or rule as described in section four hundred eighty-nine-111 of

this title, such application shall also state that the applicant agrees to comply with the program established thereby to ensure meaningful participation of minority and women-owned business enterprises in construction work for which the applicant receives benefits. Such application shall

also certify that all taxes currently due and owing on the property which is the subject of the application have been paid are currently being paid in timely installments pursuant to written agreement with the department of finance.

§ 21. Subdivision 3 of section 489-eeee of the real property tax law, as added by chapter 966 of the laws of 1984, is amended to read follows:

3. The department of finance shall issue a certificate of eligibility upon determining that the applicant satisfies the requirements

for industrial (or),

commercial renovation construction work in an area where benefits are available for such work. Such certificate shall state EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

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whether such benefits are to be granted for industrial [or], commercial or renovation construction work, and in which class of area the property, is located. The effective daté of such certificate, except as provided in paragraph (b) of subdivision three of section four hundred eightynine-dddd of this title, shall be the earlier of (a) the date on which a building permit for the construction work is issued by the department of buildings, or (b) the last day before the effective date of any designation of boundaries by the commission which changes the class of area in which the property is located so as to reduce the level of benefits for commercial construction work on such property. Where the effective date of the certificate of eligibility is July first, nineteen hundred ninety-two or after, the benefits granted for industrial, commercial renovation construction work pursuant to this title shall be in accordance with the provisions of this title as amended by the provisions of the chapter of the laws of nineteen hundred ninety-two which added this sentence. Where the effective date of the certificate is June thirtieth, nineteen hundred ninety-two or before, the benefits granted for industrial or commercial construction work pursuant to this title shall be in accordance with the provisions of this title as it was in effect innediately prior to its amendment by such chapter of the laws of nineteen hundred ninety-two. No recipient whose property is the subject of a cer; tificate of eligibility for commercial construction work in & deferral area shall be eligible to apply for a certificate of eligibility for renovation construction work on the same property, where the

renovation construction work is

the same as, or similar to, the commercial construction work for which the deferral area certificate was issued, until three years after the effective date of the deferral area certificate. No recipient shall receive a tax deferral and a tax exemption for the same expenditure on eligible construction work.

§ 22. Subdivision 1 of section 489-ffff of the real property tax law, as added by chapter 966 of the laws of 1984, is amended to read follows:

1. Upon approval by 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 industrial [or], commercial renovation construction work for which such recipient seeks benefits pursuant to this title.

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

4. Not later than eighteen months after the effective date of a certificate of eligibility, with effective date of June thirtieth, nineteen hundred ninety-two or before, the recipient shall present evidence to the department of finance demonstrating that the recipient has made one-half of 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. Not later than thirty months after the effective date of a certificate of eligibility with an effective date of July first, nineteen hundred ninety-two or after, the recipient shall present evidence to the department of finance demonstrating that the recipient has made one-half of the minimum required expenditure; provided, however, that a recipient of a certificate of eligibility for renovation

construction work for property located in the renovation exemption area specified in subparagraph (ii) of paragraph (d) of subdivision five of

section four hundred eightynine-cccc of this title shall

present such evidence not later than eighteen months after the effective date of such certificate, December thirty-first, nineteen hundred ninety-four, whichever is earlier. Not later than sixty months after the effective date of a certificate of eligibility with an effective date of July first, nineteen hun dred ninety-two or after, the recipient shall present evidence to such department demonstrating that the recipient has made the minimum required expenditure; provided, however, that a recipient of a cate of eligibility for renovation construction work for property located in the renovation exemption area specified in subparagraph (ii) of paragraph. (d) of subdivision five of section four hundred eightynine-cccc of this title shall present such evidence not later than thirty-six months after the effective date of such certificate, or by December thirty-first, nineteen hundred ninety-five, whichever is lier. Such evidence shall be presented in the form and manner prescribed

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