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New York City Business Incentives Relocation and Employment Assistance Program (REAP) (REAP Application)
For an application and additional information, please contact: Industrial and Commercial Incentive Program (ICIP) (ICIP Application) Provides real property tax benefits to eligible industrial or commercial buildings that are constructed, expanded, modernized, rehabilitated or otherwise physically improved. Industrial Projects Exemption: Renovation and new construction of industrial properties citywide are eligible to receive a 25-year real estate tax exemption consisting of a full exemption on increases in the assessed value solely attributable to the improvements. The minimum required expenditure is 10 percent of the assessed value of the project. Abatement: In addition to the exemption program described above, renovation and new construction of industrial properties citywide are also eligible to receive a 12-year real estate tax abatement based on the pre-existing real estate taxes of the assessed value of both the land and the building for the tax year preceding the issuance of the building permit. The minimum required expenditure is 25 percent of the assessed value of the project. Commercial Projects Renovations and New Construction: 15-year real estate tax exemption consisting of a full exemption for the first 11 years on increases in the assessed value solely attributable to the improvements made, declining by 20 percent per year for the remaining four years. The minimum required expenditure is 10 percent of the assessed value of the project. Renovations and New Construction in Special Exemption Areas: 25-year real estate tax exemption consisting of a full exemption for the first 16 years on increases in the assessed value solely attributable to the improvements made, declining by 10 percent per year for the remaining nine years. These projects may also receive protection against future increases on the improvement due to inflation for the first 13 years of the benefit period. The minimum required expenditure is 10 percent of the assessed value of the project. (Eligible Tax Blocks, PDF) For an application and additional information, please contact: Energy Cost Savings Program (ECSP) (ECSP Application) Reduce regulated electricity costs up to 45% and regulated natural gas costs up to 35%. Benefits last for eight years, followed by a four-year phase-out. Eligibility:
Contact: Industrial Development Authority (IDA) (IDA Additional Information) This program is administered by the NYC Economic Development Corporation. The IDA can assist an expanding company with double or triple-tax exempt bond financing on capital projects. Cost-effective financing typically begins at $1.8 million. A $10 million issuance cap may apply. Potential participants must contact an IDA representative at EDC prior to entering into purchase and construction or renovation projects. Once purchase or construction projects begin, the company is not eligible for IDA bonds. Owner-developers of manufacturing, airport cargo and recycling facilities may qualify for triple-tax exempt bonds. Nonresidential commercial developers may qualify for double-tax exempt bonds. For an application and additional information, please contact: |