§ 489-gggg. Conversion of property. 1. Any recipient whose property is\nthe subject of a certificate of eligibility for commercial or renovation\nconstruction work, and who, prior to the expiration of the benefit\nperiod, uses such property as industrial property, shall continue to\nreceive benefits for commercial or renovation construction work as the\ncase may be.\n 2. Any recipient whose property is the subject of a certificate of\neligibility for industrial construction work, and who, prior to the\nexpiration of the benefit period, uses such property as commercial\nproperty, shall cease to be eligible for further exemption or abatement\nfor industrial construction work as of the last date to which such\nrecipient proves by clear and convincing evidence that such property was\nused as industrial property, and shall pay with interest any taxes for\nwhich an exemption or abatement was claimed after such date, except\nthat:\n (a) a recipient of a certificate of eligibility for industrial\nconstruction work in a special exemption area who would have been\neligible to receive a certificate of eligibility for commercial\nconstruction work at the time such recipient applied for benefits shall\ncontinue to receive an exemption for industrial construction; and\n (b) a recipient of a certificate of eligibility for industrial\nconstruction work in a regular exemption area who would have been\neligible to receive a certificate of eligibility for commercial\nconstruction work at the time such recipient applied for benefits shall,\ncommencing with the date of conversion to commercial property and\ncontinuing until the expiration of the benefit period for commercial\nconstruction work, receive any exemption which such recipient would have\nreceived in the corresponding tax year pursuant to a certificate of\neligibility for commercial construction work; and\n (c) a recipient of a certificate of eligibility for industrial\nconstruction work in any area of the city on whose property at least\nsixty-five per centum of the net square footage continues to be used or\nheld out for use for manufacturing activities after conversion to\ncommercial property, shall not be required to pay the pro rata share of\ntax for which an exemption was claimed during the tax year in which such\nconversion occurred.\n 3. Except as provided in subdivision four of this section, any\nrecipient whose property is the subject of a certificate of eligibility\nfor commercial, industrial or renovation construction work, and who uses\nsuch property as residential property or for any restricted activity\nprior to the expiration of the benefit period, shall cease to be\neligible for further exemption, abatement or deferral as of the date\nsuch property was first used as residential property or for any\nrestricted activity. In the case of property in an area that was\ndesignated as an exemption area at the time the certificate of\neligibility was issued, such recipient shall pay with interest any taxes\nfor which an exemption was claimed after such date, including the pro\nrata share of tax for which any exemption was claimed during the tax\nyear in which such use occurred. In the case of industrial property,\nsuch recipient shall pay with interest any taxes for which an exemption\nor abatement was claimed after such date, including the pro rata share\nof tax for which any exemption or abatement was claimed during the tax\nyear in which such use occurred. In the case of property in an area that\nwas designated as a deferral area at the time the certificate of\neligibility was issued, all deferred tax payments on the property shall\nbecome due and payable immediately.\n 4. Notwithstanding subdivision three of this section, any recipient\nwhose property is the subject of a certificate of eligibility for\ncommercial or renovation construction work with an effective date of\nJuly first, nineteen hundred ninety-two or after, and who, prior to the\nexpiration of the benefit p
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