Eligible commercial service sector projects include those in which the principal user of the facility being financed with the industrial revenue bonds serves a market area broader than the City of Mechanicville and the Town of Stillwater or provides services within the City of Mechanicville and the Town of Stillwater that are not adequately provided for by existing local facilities.
- A favorable determination of the eligibility of commercial service projects for a tax incentive is made upon evidence of the following factors:
- Demonstration that industrial revenue bond financing will induce the location or expansion of the project in the City of Mechanicville or the Town of Stillwater.
- Demonstration of the need for the project and the economic benefits it represents.
- Demonstration that the project will not cause substantial disruption of existing employment at similar facilities in the City of Mechanicville or the Town of Stillwater.
- Demonstration that the project will provide employment for the City of Mechanicville or the Town of Stillwater residents or provide a service which is demonstrated to be in the best interest of the public and the taxpayer.
- Demonstration that the project involves the development of new facilities.
Any new assessment resulting from improvements financed by bonds shall be exempt from local, county and school property taxes at a rate of 100% for a five year period.
From years six through ten any new assessment resulting from improvements financed by bonds shall be exempt from local, county and school property taxes at a rate ranging from 50% to 100% of such assessments as determined by the Agency.
Local, county and school taxes for the first five years will be based on the equalized value of the land purchased, times the respective local tax rates. In no succeeding year shall the assessment be less than the previous year as a result of declining equalization rates.
Beginning in year 11 and continuing for the term of the PILOT agreement the company shall pay annual local, county and school taxes as if the property were on the taxable roll.