The Tonawanda city council has adopted a local law under Real Property Tax Law 485-a, which officials said provides exemptions on the development of mixed-use commercial properties.
City officials said the exemption provides a property tax exemption for the development of commercial properties that when built create a building used for mixed residential and commercial purposes. The exemption provides abatement over a period of time for the increase in assessed value the improvement creates.
City officials noted that the exemption has been used through out New York state. In the City of Buffalo, city officials said it has been successful in use for the redevelopment of old vacant warehouses along Niagara Street, the First Ward and other portions of the city.
City officials said the exemption adds another item "in the toolbox" for attracting potential developers to the community.