BILL NUMBER: S7007A
SPONSOR: ASHBY
 
TITLE OF BILL:
An act in relation to permitting the City of Troy to retroactively
extend a real property tax exemption to T.R.I.P. Redevelopment Associ-
ates
 
PURPOSE:
To authorize the City of Troy to enter into a retroactive Payment-In-
Lieu Of Tax Agreement ("PILOT Agreement") with T.R.I.P. Redevelopment
Associates, granting an exemption from real property taxes pursuant to
Section 125 of the Private Housing Finance law for the 2021 and 2022
assessment rolls for certain property in the City of Troy, County of
Rensselaer.
 
SUMMARY OF PROVISIONS:
Section 1 authorizes the City of Troy, County of Rensselaer, to enter
into a PILOT Agreement with T.R.I.P. Redevelopment Associates, granting
an exemption from real property taxes.
Section 2 provides for an immediate effective date.
 
JUSTIFICATION:
Since 1981, the subject properties have provided 40-units of affordable
housing to families of low-income in the City of Troy, Rensselaer Coun-
ty. The City of Troy (the "City") and T.R.I.P. Redevelopment Associates
("Owner") entered into a previous PILOT Agreement, approved by the City
Council, on December 6, 1981 (the "1981 PILOT Agreement"), whereby the
subject properties were exempted from local and municipal taxes, other
than assessments for local improvements. In lieu of such taxes, the
Owner was obligated to make a payment to the City in the amount of five
percent (5%) of the Gross Shelter Rents collected by the Owner annually.
The 1981 PILOT Agreement expired on February 28, 2021. In order to
assist the Owner in the rehabilitation of the properties, so as to
continue the provision of 40-units of safe and quality affordable hous-
ing to families of low income in the City of Troy, the City and the
Owner entered into a new PILOT Agreement, effective March 1, 2023 (the
"Current PILOT Agreement). The Current PILOT Agreement similarly exempts
the subject properties from local and municipal taxes, other than
assessments for local improvements. In lieu of such taxes, the Owner is
again obligated to make a payment to the City in the amount of five
percent (5%) of the Gross Shelter Rents collected by the Owner annually.
The purpose of this bill is to authorize the City to retroactively apply
the provisions of the Current PILOT Agreement to the 2021 and 2022
assessment and tax rolls. A retroactive PILOT Agreement was authorized
by the City Council on May 4, 2023, to cover the interim period between
the expiration of the 1981 PILOT Agreement and the commencement of the
Current PILOT Agreement, but it will not be executed or take effect
until the State Legislature authorizes the retroactive PILOT Agreement
and exemption.
 
LEGISLATIVE HISTORY:
None.
 
FISCAL IMPLICATIONS:
None.
 
EFFECTIVE DATE:
This act shall take effect immediately.