Each individual entry is a single program reported by a single jurisdiction in a given fiscal year. Because we want to track the level and quality of disclosure as well as the content, the values below -- with the exception of program names -- are entered exactly as they are reported. See our user guide for more explanations.
| State or Territory: | New York |
| Effected Jurisdiction: | New York City |
Jurisdiction type: | Municipality |
| Fiscal year ending In: | 2019 |
| Program name: | Build NYC Tax Abatement Program |
| Program purpose: | General Economic Development |
| Statutory authority: | Section 411 of the New York Not-forprofit Law |
| Abating jurisdiction(s): | New York, New York |
| Applicable taxes: | Mortgage Recording Tax |
| Method of abatement: | Tax Exemption |
| Provisions for recapture: | A change in the utilization of the facility that compromises the tax exempt status of the underlying tax exempt debt, the sale of the property, absent specific preauthorization, that includes the maintenance of the original tax exempt utilization of the property and/or the bankruptcy or cessation of operations of the facility/entity. Projects are subject to a benefit recapture period of ten years. |
| Gross revenue loss: | $5,136,000 |
| Reimbursement / offset: | $0 |
| Net revenue loss: | $5,136,000 |
| Type of loss: | Active |
| Additional notes on dislosure: | (none) |
