N.Y. Real Property Tax Law § 430: Interdenominational centers

§ 430. Interdenominational centers. 1. Real property owned by a

corporation organized for the purposes of establishing an

interdenominational center to assist in the work of and to promote

cooperation among various religious denominations, and to acquire or

erect a building or buildings for such center and to lease a portion or

portions thereof for the use of religious, educational, missionary and

charitable corporations or associations, or real property leased to a

corporation organized for such purposes by a corporation organized for

purposes which are exempt under this section or section four hundred

twenty-a, four hundred twenty-b, four hundred twenty-two, four hundred

twenty-four, four hundred twenty-six or four hundred twenty-eight of

this chapter, shall be exempt from taxation and exempt from special ad

valorem levies and special assessments to the extent provided in section

four hundred ninety of this article, to the same extent and subject to

the same conditions and exceptions as property of a corporation

organized exclusively for religious, educational, missionary or

charitable purposes.

2. In addition to any other rental moneys allowed to be charged for

such use, with the consent of each corporation or association that

leases a portion of such real property, the interdenominational center

may require each such lessee to make payment on an annual basis to a

capital improvement fund, the funds to be used exclusively for capital

improvements, as defined in this subdivision, in accordance with a

capital improvement plan adopted or updated annually by the

interdenominational center. For purposes of this section, "capital

improvement" shall mean any addition to, replacement of, or remodeling

of physical plant, structures, or equipment now or hereafter owned by an

interdenominational center, which is used or is to be used in connection

with the operation of the interdenominational center, and which shall

include improvements to land, but not land itself.