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Albany City incentive board weighs tax exemption for 66 Colvin Ave storage conversion, enters executive session and makes no final decision
Summary
The Industrial and Commercial Incentive Board reviewed an application for a tax exemption for 66 Colvin Avenue (a converted self‑storage facility), debated whether the board has discretion to limit exemptions by use or geography, entered executive session for legal advice and left without a decision; members noted an assessment‑roll timing constraint on May 1.
The Industrial and Commercial Incentive Board reviewed an application seeking a local tax exemption for 66 Colvin Avenue, a recently converted self‑storage facility, but left without a decision after entering executive session for legal advice.
The chair explained the applicable statutory framework (citing RBTL 45b) and the city’s practice of applying a shortened exemption schedule. Under the state scheme the exemption can run 10 years with a schedule tapering from 50% to full taxation; Albany City’s code effectively applies a five‑year schedule to the increase in assessed value arising from rehabilitation. The transcript records a base assessment of $1,000,000 and an increased assessed value to $4,200,000,…
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