This text of New York § 22.09 (Special provisions relating to the financing and development of facilities in the county of Onondaga) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 22.09. Special provisions relating to the financing and development\nof facilities in the county of Onondaga. 1. No individual who serves on\nthe board of trustees, or equivalent body, of a not-for-profit cultural\norganization shall be a developer of, or share in any profits arising\nfrom the development of, the non-institutional portion of a facility\ndeveloped or designed to be developed for use or occupancy by such\norganization; provided that:
(a)a person in which such individual has a\nfinancial interest not exceeding five per centum of the equity of such\nperson may be a developer of, and may share in any profits arising from\nthe development of, such non-institutional portion, if such individual\nrefrains from voting at any meeting of the board of trustees, or\nequivalent body
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§ 22.09. Special provisions relating to the financing and development\nof facilities in the county of Onondaga. 1. No individual who serves on\nthe board of trustees, or equivalent body, of a not-for-profit cultural\norganization shall be a developer of, or share in any profits arising\nfrom the development of, the non-institutional portion of a facility\ndeveloped or designed to be developed for use or occupancy by such\norganization; provided that: (a) a person in which such individual has a\nfinancial interest not exceeding five per centum of the equity of such\nperson may be a developer of, and may share in any profits arising from\nthe development of, such non-institutional portion, if such individual\nrefrains from voting at any meeting of the board of trustees, or\nequivalent body, of such institution on any matter relating to the\napproval by the trust of such person as a developer of such portion and\nthe terms and conditions of any agreement relating thereto; (b) a person\nin which such individual has a financial interest may make a loan to the\ntrust, to a developer or to any other person in the ordinary course of\nbusiness in connection with such development; and (c) any such\nindividual may purchase or rent an apartment, or any interest therein,\nin such portion, for fair market value.\n 2. No trustee of the trust and no person in which such trustee has a\nfinancial interest shall be a developer of the non-institutional portion\nof any facility.\n 3. In any case in which real property, consisting of all or any part\nof the non-institutional portion of a combined-use facility or in or on\nwhich all or any part of such portion prior to completion is designed to\nbe and upon completion is developed, is exempt from real property\ntaxation pursuant to section 20.33 of this title, and subject to any\nagreements with the holders of its bonds or notes, the trust shall pay\nor cause to be paid by means which may include an agreement with a\nparticipating not-for-profit cultural organization, a developer or an\nowner, annual sums in lieu of taxes to any municipality or political\nsubdivision of the state to which such taxes would otherwise be owed,\nprovided that such payments in lieu of taxes shall be for the full\namount of any such tax payments due and owing, unless such municipality\nor other political subdivision shall agree to a lesser payment for a\nlength of time to be specified in an agreement between the trust and\nsuch municipality or political subdivision; and provided further that\nthe trust shall not be empowered to receive tax equivalency payments;\nand further provided, that the non-institutional portion shall not be\nexempt from real property taxation from and after the date a trust\nconveys such non-institutional portion to any non-exempt third party.\n