The eligible business facility, which is certified
by the New York State Job Incentive Board pursuant to §§ 115,
118 and 120 of the Commerce Law of the State of New York, shall be exempt from real property taxation and special
ad valorem levies imposed by the Town of Brookhaven for Town purposes
for any increase in the value thereof which is attributable to expenditures
certified by the New York State Job Incentive Board have been paid
or incurred by the owner or operator for capital improvements commenced
on or after the effective date of this chapter, consisting of the
construction, reconstruction, erection or improvement of depreciable
real property included in such facility. Such exemption shall be continued
from year to year but shall not exceed 10 years and shall only continue
if, during the specified period, the certificate of eligibility issued
by the New York State Job Incentive Board with respect to such business
facility is not revoked or modified and is renewed or extended as
provided in § 120 of the Commerce Law of the State of New
York.