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Incentive board recommends expanding 485b zone, proposes citywide 485a mixed-use exemption to encourage housing
Summary
The Industrial Commercial Incentive Board asked the City Council to expand the city's 485b commercial exemption area and to consider adopting a citywide 485a residential-commercial exemption to encourage mixed-use development, subject to guardrails tied to housing outcomes.
Supervisor Matt Feach presented an update from the Industrial Commercial Incentive Board on Wednesday, asking the council to consider changes to the city's local law implementing Sections 485b and 485a of New York State Real Property Tax Law.
Feach told the council that the board recommends keeping the existing urban-core 485b area downtown and expanding the exemption'eligible area south to include the neighborhood-center zone from Circular Street to the Spa State Park boundary. The board also recommended attaching a clear defining map to the city code so that eligible areas are explicit, and updating the code's industry classification language from the older Standard Industrial Classification (SIC) system to the North American Industry Classification System (NAICS).
Feach explained that a 485b (business investment exemption)…
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