Environmental Data Record or Log Page

NYC 9/11 Public Portal Document

1 I rO rCl ffi -S‘ ronfinia'd from 3 i Buildings," which are commercial buildings Residential Conversions meeting certain criteria, are entitled to an In order to be eligible, a non-residential eight-year partial real estate tax exemption building must be converted to a Class A on the increase in assessed value solely multiple dwelling: however, conversion to a attributable to the construction. Applications hotel is ineligible. In general, benefits consist for Smart Buildings must meet stringent con­ of a tax exemption for 12 years (13 years for struction deadlines. Application for benefits landmarked buildings) consisting of a full

] 1 I must be made prior to the receipt of the first building permit for the project or, if no permit is required, prior to the commencement of exemption for the first eight years (nine years for landmarked buildings), declining by 20 percent per year for the remaining four years, s1 construction. The program expires on and a tax abatement for 14 years (15 years i June 30,1999. for landmarked buildings) consisting of a full abatement for the first 10 years (11 years Il Lower Manhattan Energy for landmarked buildings), declining by IE Program (LMEP) 20 percent per year for the remaining four Commercial tenants in Lower Manhattan are years. A building permit must be issued ■I eligible to receive a 12-year reduction in their before June 30,2002, Only the aggregate electricity costs (13 years for landmarked floor area converted within three years of buildings) of up to 30 percent for the first commencement is eligible. eight years (nine years for landmarked buildings), declining at 20 percent of the Mixed-Use Program E IS reduction per year for the remaining four Buildings that will be more than 25 percent il­ ls' years. Combined with Con Edison’s Business commercial may qualify for the Mixed-Use Incentive Rate, eligible energy costs may be Program. This program allows a partial real 8 reduced by 50 percent. estate tax exemption for 12 years (13 years for landmarked buildings) consisting of an s To be eligible, a commercial building exemption on the increase in the assessed owner must make an investment of at least value solely attributable to the renovation 20 percent of the current assessed value. work. All renovation applicants must meet Possible investments include applying for iCIP, the minimum required expenditure target of receiving financing through the New York City 20 percent of the assessed value of the Industrial Development Agency, leasing prop­ project. Application for benefits must be erty from New York City or New York State made prior to the receipt of the first building or by converting the building for mixed-use permit for the project or, if no permit is purposes. Application must be made before issued, prior to the commencement of June 30,1999, and before a building permit construction. The program expires on for the construction or renovation is issued. June 30,1999.

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