Environmental Data Record or Log Page

NYC 9/11 Public Portal Document

The Lower Manhattan Revitalization Plan The program provides property tax abate­ Leases for small tenants (125 employees or ments, commercial rent tax reductions and energy benefits for office and retail tenants with leases commencing between less) must be for a minimum of five years (without an option to cancel), and leases for large tenants must be for a minimum of 10 I April 1,1995 and March 31,1998. The years (without an option to cancel). There is eligible premises must be in a non-residential a minimum required investment of $10-$35 or mixed-use property built before 1975 and per square foot, depending on the type of located in the Lower Manhattan abatement lease (new. renewal or expansion), and the ■il zone. The benefits are available to tenants minimum lease term. Tenants in government- who are relocating to Lower Manhattan from owned buildings need not meet expenditure south .of 96th Street in Manhattan or who requirements in order to be eligible for are already located in Lower Manhattan. Commercial Rent Tax benefits.

Progf'drns I" •s® Real Estate Tax Abatement one-third of the base year's abatement, A five-year program consisting of a 50 per­ respectively. cent abatement of the base year's tax liability il in the first three years (not to exceed $2.50 Industrial and Commercial per square foot). In the fourth and fifth Incentive Program (ICIP) years, the abatement would be equal to Businesses that renovate commercial

two-thirds and one-third, respectively, of properties are eligible to receive a 12-year partial real estate tax exemption on the the base year's abatement. increase in assessed value solely attributable to the renovation work. Projects in Lower Commercial Reni Tax Special Reduction Manhattan must meet half of the minimum A five-year program consisting of a 100 required expenditure target of 20 percent of the assessed value of the property in the 'i percent reduction of the base year's commer­ cial rent tax liability for the first three years, first 18 months of the project; the remaining expenditure target must be met within ! not exceeding the actual tax liability in that year. In the fourth and fifth years, the 36 months. Newly constructed "Smart

1 reduction is equal to two-thirds and coitfiiHied f/fi 5

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