* § 485-p. Economic transformation area exemption. 1. (a) Real\nproperty constructed, altered, installed or improved in an economic\ntransformation area as defined in subdivision ten of section four\nhundred of the economic development law which is used for business,\ncommercial or industrial purposes and which is owned by a business\nentity that has been issued a certificate of eligibility pursuant to\nsubdivision three of section four hundred two of the economic\ndevelopment law shall be exempt from taxation and special ad valorem\nlevies by any municipal corporation in which located, for the period and\nto the extent herein provided, provided that the governing board of such\nmunicipal corporation, after public hearing, adopts a local law,\nordinance or resolution providing therefore. Such local law, ordinance\nor resolution must be adopted within three years of the date of the\nclosure of a closed facility (as that term is defined in subdivision\neleven of section four hundred of the economic development law) located\nin the economic transformation area.\n (b) The exemption so authorized shall be for a term of five years. The\namount of such exemption shall be as follows:\n (i) If the construction, alteration, installation or improvement\noccurs on or at the site of the closed facility in the economic\ntransformation area, then the exemption in the first year of its term\nshall be fifty percent of the "base amount," determined pursuant to\nsubdivision two of this section. The amount of the exemption in the\nsecond, third, fourth and fifth year of its term shall be forty percent,\nthirty percent, twenty percent and ten percent, respectively, of such\nbase amount.\n (ii) If the construction, alteration, installation or improvement\noccurs in the economic transformation area outside of the closed\nfacility, then the exemption in the first year of its term shall be\ntwenty-five percent of the "base amount," determined pursuant to\nsubdivision two of this section. The amount of the exemption in the\nsecond, third, fourth and fifth year of its term shall be twenty\npercent, fifteen percent, ten percent and five percent, respectively, of\nsuch base amount.\n 2. (a) The base amount of the exemption shall be the extent of the\nincrease in assessed value attributable to such construction,\nalteration, installation or improvement as determined in the initial\nyear for which application for exemption is made pursuant to this\nsection. The base amount shall remain constant for the authorized term\nof the exemption, subject to the following:\n (i) If there is subsequent construction, alteration, installation or\nimprovement during the term of the exemption, the base amount shall be\nrevised to include the increase in assessed value attributable to such\nconstruction, alteration, installation or improvement.\n (ii) If a change in level of assessment of fifteen percent or more is\ncertified for an assessment roll pursuant to the rules of the\ncommissioner, the base amount shall be adjusted by such change in level\nof assessment. The exemption on that assessment roll shall thereupon be\nrecomputed, notwithstanding the fact that the assessor receives the\ncertification after the completion, verification and filing of the final\nassessment roll. In the event the assessor does not have custody of the\nroll when such certification is received, the assessor shall certify the\nrecomputed exemption to the local officers having custody and control of\nthe roll, and such local officers are hereby directed and authorized to\nenter the recomputed exemption certified by the assessor on the roll.\n (b) No such exemption shall be granted unless the construction,\nalteration, installation or improvement commenced within one year of the\ndate of the issuance of the certificate of eligibility to the property\nowner.\n (c) For purposes of this section the terms construction, alteration,\ninstallation and improvement shall not include ordinary mainte
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