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Broome County Legislator Seeks Law To Facilitate Brownfield CleanupsSubmitted by Michelle Subbiondo on Thu, 2008-01-31 18:35.
The Press & Sun Bulletin reports that the benefit of Garnar's plan is that it will be financed by bonds to be repaid by the increased real estate value of the rehabilitated land rather than by taxpayers or through government handouts. However, New York State's existing tax increment financing laws don't include school property taxes in the qualifying calculations -- significantly reducing the amount of money that can be borrowed. Garnar wants lawmakers to amend that law; however, a bill to do so has been held up in both the state Assembly and the Senate. Garnar will sponsor a resolution on Feb. 12 to the county's Economic Development and Planning Committee urging lawmakers to amend the law. If it passes there, it will then move to the Broome County Legislature on Feb. 28. "Amending New York State's TIF law would greatly benefit Broome County. In doing so, it would allow Broome County and its municipalities to develop industrial, commercial and residential properties without increasing taxes," Garnar said. "It's a win-win situation for Broome County taxpayers, and I hope our state leaders hear our plea and pass this bill as soon as possible." |
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