Assembly Bill A7271

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7271
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 16, 2023
                                ___________
 
 Introduced by M. of A. McDONALD -- read once and referred to the Commit-
   tee on Real Property Taxation
 
 AN  ACT  in  relation  to  permitting  the City of Troy to retroactively
   extend a real property tax exemption to T.R.I.P. Redevelopment Associ-
   ates
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Notwithstanding any other provision of law to the contrary,
 the  City  of  Troy  is  hereby  authorized  to enter into a retroactive
 Payment-In-Lieu Of  Tax  Agreement  ("PILOT  Agreement")  with  T.R.I.P.
 Redevelopment  Associates, a New York limited partnership and redevelop-
 ment company,  granting an exemption from real property  taxes  pursuant
 to  section 125 of the private housing finance law for the 2021 and 2022
 assessment rolls, for the parcels located in the City of  Troy,  as  set
 forth in Schedule "A" to the PILOT Agreement and more particularly iden-
 tified below:
 
       CURRENT ADDRESS                   SECTION-BLOCK-LOT NUMBER
       55 Middleburgh St.                90.79-4-2
       57-59 Middleburgh St.             90.79-4-3
       71 Middleburgh St.                90.79-5-2
       73 Middleburgh St.                90.79-5-3
       77 Middleburgh St.                90.79-5-5
       79 Middleburgh St.                90.79-5-6
       81 Middleburgh St.                90.79-5-7
       438 Eighth St.                    90.79-4-42
       462 Eighth St.                    90.79-4-50
       516 Eighth St.                    90.79-4-58
       518 Eighth St.                    90.79-4-59
       520 Eighth St.                    90.79-4-60
       284 Ninth St.                     101.23-6-39
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11303-01-3
              

 A. 7271                             2
 
       341 Ninth St.                     90.79-4-25
       345 Ninth St.                     90.79-4-23
       380 Ninth St.                     90.79-5-62
       382 Ninth St.                     90.79-5-63
       377 Ninth St.                     101.23-6-4
       457 Tenth St.                     90.79-5-12
       463 Tenth St.                     90.79-5-10
 
   The  PILOT  Agreement,  and  the exemption conferred thereby, shall be
 effective as if the PILOT Agreement had been fully executed and approved
 by the City Council of the City of Troy on or before the taxable  status
 dates  established  for the applicable rolls.  Upon approval by the City
 Council of the City of Troy and execution by all parties,  the  assessor
 of  the  City  of  Troy  may  grant exemption from all taxation and make
 appropriate corrections to the applicable rolls. Upon  the  granting  of
 exemption  and  such organization therefore shall have paid any tax with
 respect to the applicable rolls, the governing body  or  tax  department
 may,  in its sole discretion, provide for the refund of those taxes paid
 and cancel any taxes, fines, penalties, interest, or tax liens remaining
 unpaid.
   § 2. This act shall take effect immediately.