NY A07270

Authorizes the City of Troy to enter into a retroactive Payment-In-Lieu Of Tax (PILOT) Agreement with Hillside Redevelopment Associates granting a real property tax exemption for the 2022 assessment roll.

The exemption applies to 18 parcels in Troy identified by address and section-block-lot number, including properties on Oakwood Terrace, Middleburgh Street, Eighth Street, Ninth Street, and Tenth Street.

The exemption is authorized under section 125 of the private housing finance law and becomes effective retroactively as if fully executed before the 2022 taxable status dates.

The City of Troy assessor may grant the exemption and make appropriate corrections to the tax roll upon approval by City Council and execution by all parties.

The governing body or tax department may, at its discretion, refund taxes already paid and cancel any remaining unpaid taxes, fines, penalties, interest, or tax liens on the exempt parcels.