§ 65-7. Exemption granted.

A. 

Pursuant to the authority contained in § 485 of the New York Real Property Tax Law, a total exemption from real property taxation and special ad valorem levies imposed by or on behalf of the Town of Brookhaven for Town purposes for 10 successive years, as hereinafter provided in this chapter after adoption hereof, is hereby granted to eligible business facilities located in the Town of Brookhaven, as defined in § 115 of the Commerce Law of the State of New York and which are certified by the New York State Job Incentive Board.

B. 

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.