N.Y. General Municipal Law § 905: Town of Hempstead industrial development agency

* § 905. Town of Hempstead industrial development agency. 1. For the

benefit of the town of Hempstead, county of Nassau, and the inhabitants

thereof, an industrial development agency, to be known as the TOWN OF

HEMPSTEAD INDUSTRIAL DEVELOPMENT AGENCY, is hereby established for the

accomplishment of any or all of the purposes specified in title one of

article eighteen-A of this chapter. It shall constitute a body corporate

and politic, and be perpetual in duration. It shall have the powers and

duties now or hereafter conferred by title one of article eighteen-A of

this chapter upon industrial development agencies and provide that the

exercise of the powers by such agency with respect to the acquisition of

real property whether by purchase, condemnation or otherwise, shall be

limited to the corporate limits of the town of Hempstead, and such

agency shall take into consideration the local zoning and planning

regulations as well as the regional and local comprehensive land use

plans. It shall be organized in a manner prescribed by and be subject to

the provisions of title one of article eighteen-A of this chapter. Its

members shall be appointed by the governing body of the town of

Hempstead, county of Nassau. The agency, its members, officers and

employees, and its operations and activities shall in all respects be

governed by the provisions of title one of article eighteen-A of this

chapter.

2. Prior to the approval of any application for a payment in lieu of

taxes (hereinafter referred to in this section as "PILOT") agreement by

the agency for a project located in the village of Freeport or the

village of Hempstead, the chief executive officer of the affected

village shall be consulted. The agency shall also consult with the

village governing body prior to any PILOT agreement being approved by

the agency for a project located in the village of Freeport or the

village of Hempstead. In addition, the agency shall obtain an impact

analysis to determine the impact on the village of the project and the

planned PILOT agreement. The applicant for such PILOT agreement shall

bear the costs related to the required impact analysis. The agency and

the village governing body shall jointly select a qualified entity to

conduct the impact analysis. The membership of the agency, when

reviewing applications and approving PILOT agreements for projects

located in the village of Freeport or the village of Hempstead, shall

include at least one member of such village's governing body and at

least three at large members drawn from a cross section of the village

community.

3. The agency shall review any PILOT agreement for a project located

in the village of Freeport or the village of Hempstead after the third

year of entering into such PILOT agreement, and every third year

thereafter, and adjust the PILOT agreement accordingly based on changes

to the assessed value and tax rate of all other real properties located

in such villages. The agency shall provide a written report to the

village of Freeport and the village of Hempstead documenting any and all

variances or changes to the projected revenues of such villages from any

such PILOT agreement.

4. A PILOT agreement for a project located in the village of Freeport

or the village of Hempstead shall not be renewed or renegotiated until a

full audit has been completed of the accounts of the party obligated to

make payments in lieu of taxes pursuant to the PILOT agreement with the

agency. The agency and the village governing body shall jointly choose a

qualified entity to conduct such audit. The party that is obligated to

make payments in lieu of taxes pursuant to the PILOT agreement with the

agency shall bear the costs of preparing such audit. The village of

Freeport or the village of Hempstead may request from the office of the

state comptroller an audit or review of the audit prior to the renewal

or renegotiation of a PILOT agreement for a project located in the

village of Freeport or the village of Hempstead.

* NB Agency expires per §§ 856 and 882