§ 485-a. Residential-commercial urban exemption program. 1.\nDefinitions. As used in this section, the following terms shall have\nthe following meanings:\n (a) "Municipality" means any town, city or village except for a city\nhaving more than one million inhabitants.\n (b) "Applicant" means any person obligated to pay real property taxes\non the property for which an exemption from real property taxes under\nthis section is sought.\n (c) "Commercial construction work" means the modernization,\nrehabilitation, expansion or other improvement of the portion of\nmixed-use property to be used for commercial purposes.\n (d) "Commercial purpose or use" means (i) the buying, selling or\notherwise providing of goods or services directly to the public; or (ii)\na non-residential lawful use including, but not limited to, an office,\nhotel, retail store, brewery, distillery, restaurant, cafe, bar or\ntavern, gymnasium, theater, or entertainment venue which employs or is\nanticipated to employ a minimum of five employees primarily at the\nmixed-use property for which an exemption under this section is sought.\n (e) "Mixed-use property" means property on which will exist, after\ncompletion of residential construction work or a combination of\nresidential construction work and commercial construction work, a\nbuilding or structure used for both residential and commercial purposes\nof which, at least forty percent of the building or structure's square\nfootage is devoted to residential purposes or use and at least fifteen\npercent of the building or structure's square footage is devoted to\ncommercial purposes or use.\n (f) "Person" means an individual, corporation, limited liability\ncompany, partnership, association, agency, trust, estate, foreign or\ndomestic government or subdivision thereof, or other entity.\n (g) "Residential construction work" means the creation, modernization,\nrehabilitation, expansion or other improvement of dwelling units, other\nthan dwelling units in a hotel, in the portion of mixed-use property to\nbe used for residential purposes.\n (h) "Story above grade" means any story having its finished floor\nsurface entirely above grade.\n (i) "Grade" shall mean the finished ground level adjoining the\nbuilding at all exterior walls.\n 2. Any municipality may, by local law, provide for the exemption of\nreal property from taxation as provided in this section. Upon the\nadoption of such a local law, the county in which such municipality is\nlocated may, by local law, and any school district, all or part of which\nis located in such municipality, may, by resolution, exempt such\nproperty from its taxation in the same manner and to the same extent as\nsuch municipality has done.\n 3. Upon the adoption of such a local law, non-residential real\nproperty, upon conversion to mixed-use property, shall be exempt from\ntaxation and special ad valorem levies as provided for in subdivision\nfour of this section.\n 4. (a) (i) For a period of twelve years from the approval of an\napplication, the increase in assessed value of such property\nattributable to such conversion shall be exempt as provided in\nsubparagraph (ii) of this paragraph. Such exemption shall be computed\nwith respect to the "exemption base". The exemption base shall be\ndetermined for each year in which there is an increase in assessed value\nso attributable from that of the previous year's assessed value.\n (ii) The following table shall illustrate the computation of the tax\nexemption:\n Year of exemption Percentage of exemption\n 1 through 8 100% of exemption base\n 9 80% of exemption base\n 10 60% of exemption base\n 11 40% of exemption base\n 12 20% of exemption base\n (b) No such exemption shall be granted unless:\n (i) suc
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