§ 5-61 Eligible Building.
RCNY § 5-61
To qualify as an eligible building, a building shall be located in an eligible revitalization area and: (a) shall meet the criteria set forth in paragraphs (1), (2), (3) or (4) below: (1) such building is eligible to obtain benefits under Title 2-D of Article 4 of the Real Property Tax Law, or would be eligible to receive benefits under such title except that such property is exempt from real property taxation and the requirements of paragraph (b) of subdivision seven of section four hundred eighty-nine-dddd of such law have not been satisfied, provided that application for such benefits was made after June 30, 1995, and before July 1, 2005, that construction or renovation of such building or structure was described in such application, that such building or structure has been substantially improved by such construction or renovation, and that the minimum required expenditure as defined in such title has been made within such period of time established by the applicable provisions of Title 2-D of Article 4 of the Real Property Tax Law for the construction of a new building or structure; or (2) such building is the subject of an IDA inducement resolution adopted by the IDA after June 30, 1995 and before July 1, 2005, to receive financing by IDA, provided that IDA financing has been used in whole or in part to substantially improve the building by construction or renovation, that expenditures made for improvements to the building have been made in excess of twenty percent (20%) of the assessed value of the real property and buildings, and that such expenditures have been made within thirty-six (36) months after the earlier of: (A) the issuance by IDA of bonds for such financing; or (B) the conveyance of title to such building to IDA; or (3) such building is owned by the City or UDC, and is subject to a lease that was approved in accordance with the applicable provisions of the Charter or by UDC's board of directors, as the case may be, and such approval was obtained after June 30, 1995, and before July 1, 2005, provided that expenditures have been made for improvements to such real property in excess of twenty percent (20%) of the assessed value of the real property and buildings, and that such expenditures have been made within thirty-six (36) months after the effective date of such lease; or (4) is eligible to obtain benefits as mixed-use property, or would be eligible to obtain benefits as mixed-use property except that such building is exempt from real property taxation and the requirements of paragraph (b) of subdivision ten of section four hundred eighty-nine-ccccc of the Real Property Tax Law of the State of New York have not been satisfied, provided that application was made after June 30, 1995, and before July 1, 2000, that such building has been substantially improved by such renovation, and that the minimum required expenditure as defined in such title has been made; (b) such construction or renovation described in subdivision (a) of this section shall occur subsequent to filing for a building permit for such construction or renovation. In the case where a building permit is not required for renovation or construction (e.g., installation of machinery), an application shall be filed prior to beginning any work on the building the expenditures for which are described in subdivision (a) of this section. Such fact must be documented by a written statement by a licensed professional architect or licensed professional engineer sworn to or affirmed under penalties of perjury; (c) such building or portion thereof shall have provisions to receive electricity either: (i) directly from a utility; or (ii) from NYCPUS; and (d) such building or portion thereof is metered or submetered in accordance with the provisions set forth in 66 RCNY § 5-63(d)(1).
