§ 209 — Determination of development cost

New York § 209

• Jurisdiction: New York
• Law PVH: Private Housing Finance
• Art. 6: Urban Redevelopment Corporations

Text

§ 209. Determination of development cost. 1. Upon the completion of a\ndevelopment a redevelopment corporation shall, or upon the completion of\na principal part of a development a redevelopment corporation may, file\nwith the supervising agency an audited statement of the development cost\nthereof. Within a reasonable time after the filing of such statement,\nthe supervising agency shall determine the development cost applicable\nto the development or such portion thereof and shall issue to the\nredevelopment corporation a certificate stating the amount thereof as so\ndetermined.\n 2. A redevelopment corporation may, at any time, whether prior or\nsubsequent to the undertaking of any contract or expense, apply to the\nsupervising agency for a ruling as to whether any particular item of\ncost therein may be included in development cost when finally determined\nby the supervising agency, and the amount thereof. The supervising\nagency shall, within a reasonable time after such application, render a\nruling thereon, and in the event that it shall be ruled that any item of\ncost may be included in development cost, the amount thereof as so\ndetermined shall be so included in development cost when finally\ndetermined.\n