Tompkins County
New York

Resolution
2019-224

Authorize Exemption from Real Property Taxes and Provision for In-Lieu Payments with Regard to the Ithaca Neighborhood Housing Services, Inc. (INHS), Immaculate Conception School Redevelopment Project

Information

Department:Planning and Sustainability DepartmentSponsors:
Category:Taxes (Sales, Room Occupancy, Etc.)Functions:Assessment, Housing, Planning

Attachments

  1. Printout

Resolution/Document Body

              WHEREAS, pursuant to Section 577 of the New York State Private Housing Finance Law (PHFL), the Legislature hereby exempts from real property taxes, for a period of thirty (30) years, the following properties, to be owned by a housing development fund company formed under Article XI of Private Housing Finance Law of the State of New York and sponsored by the Ithaca Neighborhood Housing Services, Inc. (“INHS”), and beneficially owned by a to-be-formed partnership affiliate of INHS formed for the purpose of developing the Project (hereinafter the “Owner”), and to be used for the provision of affordable rental housing to qualified persons or families of low income as a part of the Immaculate Conception School Redevelopment Project (the “Project”), and

 

Address:

Tax Parcel #:

320-324 W. Buffalo St

60.-2-5

330 W. Buffalo St

60.-2-11

309 S. Plain St

60.-2-12

 

              WHEREAS, Tompkins County has determined that the continued provision of affordable rental housing to qualified persons or families of low income by INHS is beneficial to and in the long term best interests of the public, and

 

              WHEREAS, the City of Ithaca Planning and Development Board's SEQR review process has been completed for the Project with a Negative Determination, and

 

              WHEREAS, the Tompkins County Legislature through Resolution No. 223 of 2019 concurs with the City of Ithaca Planning and Development Board’s SEQR Negative Declaration determination for the Project, now therefore be it

 

              RESOLVED, on recommendation of the Housing and Economic Development Committee, That the Legislature of Tompkins County, pursuant to Section 577 of the Private Housing Finance Law of the State of New York, hereby grants to the properties listed herein a tax exemption from real property taxes levied by Tompkins County, the City of Ithaca, and other local taxing authorities for a period of thirty (30) years, and the Owner shall make annual in-lieu-of-tax payments (hereinafter referred to as “PILOT”) to Tompkins County equal to 12% of its annual "net operating income" (NOI) but in no event to be less than $41,514, increasing to 15% of NOI beginning in year 16. "Net operating income" shall equal gross rents received by the Owner less operating costs, as determined by an annual audit, paid by the Owner for the duration of the exemption period.  The PILOT shall be shared by Tompkins County with the City of Ithaca and the Ithaca City School District in the same ratio as total school, City, and County taxes would have been paid with respect to the Project without considering the exemption provided for herein,

 

              RESOLVED, further, That the County Administrator is hereby authorized and requested to execute and deliver to any pertinent party an agreement between Tompkins County and the Owner, setting forth as necessary the details of the PILOT, and to take all action necessary and/or required to effectuate or verify such payments or tax exemption, the PILOT agreement shall contain such additional terms and conditions as the County Administrator deems to be appropriate,

 

              RESOLVED, further, That this ordinance shall take effect as of the next final assessment roll.

SEQR ACTION: Full Environmental Assessment Form on File with the Legislature Clerk

 

Meeting History

Oct 24, 2019 9:30 AM  Housing and Economic Development Committee Regular Meeting

Committee members inquired about school taxes and the impact this may have on them. The school district has been supportive of increased availability of affordable housing and projects of this type and have not expressed opposition to other similar projects receiving this exemption. Mr. Franklin will notify the school district of this exemption.

RESULT:RECOMMENDED [UNANIMOUS]
MOVER:Deborah Dawson, Vice Chair
SECONDER:Anne Koreman, Member
AYES:Anna Kelles, Deborah Dawson, Michael Sigler, Anne Koreman, Henry Granison
Nov 7, 2019 5:30 PM Media Tompkins County Legislature Regular Meeting
RESULT:ADOPTED [UNANIMOUS]
MOVER:Anna Kelles, Member
SECONDER:Leslyn McBean-Clairborne, Member
AYES:Shawna Black, Amanda Champion, Deborah Dawson, Henry Granison, Rich John, Anna Kelles, Daniel Klein, Anne Koreman, Michael Lane, Leslyn McBean-Clairborne, David McKenna, Glenn Morey, Martha Robertson, Michael Sigler