THE NEW YORK CITY TAX COMMISSION, THE CENTER FOR NEW YORK CITY LAW,
& THE CENTER FOR REAL ESTATE STUDIES
presents
WHEN
Thursday, January 23, 2014, from 2:00 p.m. to 5:00 p.m.
***
WHERE
New York Law School
185 West Broadway (between Worth and Leonard Streets)
*** (more…)
Greater Jamaica Development Corporation logo. Image Credit: GJDC.
Parking Lots associated with Greater Jamaica Development corporation challenged Finance’s withdrawal of tax exemption. Greater Jamaica Development Corporation and Jamaica First Parking, LLC, brought an article 78 petition against the Department of Finance and the New York City Tax Commission, challenging the City’s revocation of a charitable tax exemption for the public parking facilities they owned and operated. On appeal to the Appellate Division, Second Department, the court restored the tax exemption. (more…)
Seminar Topics:
— The Changing Face of Open Space: Legal Issues Associated with Open Space in New York City
— Parking Garages, Lots and Off-Street Parking: Proposed New Manhattan Core Parking Rules
— Accommodating Expansion of Undeveloped or Underused Urban Land
When: Thursday, April 25, from 1:45 to 6:00 p.m.
Where: 185 West Broadway (between Worth & Leonard Streets), Auditorium
Credit: 4 Professional Practice transitional & non-transitional CLE credits. Non-credit option also available.
Cost: $275 general registration.
IDA approved $8.6 million in real estate and tax benefits for the first two supermarkets under the recently-created FRESH program. On February 9, 2010, the New York City Industrial Development Agency, a component of the City’s Economic Development Corporation, approved tax incentive packages to assist in the development of two new Bronx supermarkets. The financial incentives are the first awarded under the City’s Fresh Retail Expansion to Support Health (FRESH) program approved by the City Council in December 2009. The City created the FRESH program to provide zoning and financial incentives to encourage the development of supermarkets in areas identified as being under-served by stores offering a full range of fresh produce, meats, and dairy products. 6 CityLand 152 (Nov. 15, 2009).
The IDA awarded $3 million in real estate and tax benefits to Foodtown Supermarkets in order to build a new grocery store at 283 East 204th Street in the Norwood section of the Bronx. The 11,000 sq.ft. store will replace a 7,500 sq.ft. store destroyed by a fire in December 2009. The IDA approved incentives consisting of payments in lieu of City real property taxes, exemptions from City and State mortgage recording taxes, and exemptions from City and State sales and use taxes. (more…)
Resolution asks Albany to end Madison Square Garden’s property tax exemption. On January 30, 2008, the City Council passed a resolution calling upon the State legislature to revoke Section 429 of the State’s Real Property Law, which allows Madison Square Garden to receive a full property tax exemption.
The exemption dates back to 1982 and allows the Mayor to negotiate with the Garden to ensure the Knicks and Rangers continue to use the facility because “the presence of professional major league sports teams greatly contributes to the general and economic welfare” of the local community. The exemption was intended to keep sports teams in the City by easing the economic burden associated with running a professional sports facility. According to the Independent Budget Office, the tax break will save Cablevision, which owns the Garden and both sports teams, $11 million during fiscal year 2008. (more…)
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