§ 427. Performing arts buildings. Real property owned by any\ncorporation whose certificate of incorporation is approved by the\ncommissioner of education and which is organized to sustain, encourage\nand promote musical and performing art, including opera, concerts,\nballet, drama and other forms of artistic expression, and to educate the\ngeneral public in good musical and performing art, provided the land was\nacquired by a municipal corporation by purchase or condemnation and sold\nat public auction to such corporation in order to insure clearance,\nreplanning, reconstruction and neighborhood rehabilitation, provided\nfurther that monies donated to such corporation by other charitable or\neducational corporations or as a result of popular or general appeal\nshall have been used for
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§ 427. Performing arts buildings. Real property owned by any\ncorporation whose certificate of incorporation is approved by the\ncommissioner of education and which is organized to sustain, encourage\nand promote musical and performing art, including opera, concerts,\nballet, drama and other forms of artistic expression, and to educate the\ngeneral public in good musical and performing art, provided the land was\nacquired by a municipal corporation by purchase or condemnation and sold\nat public auction to such corporation in order to insure clearance,\nreplanning, reconstruction and neighborhood rehabilitation, provided\nfurther that monies donated to such corporation by other charitable or\neducational corporations or as a result of popular or general appeal\nshall have been used for the acquisition of such real property and\nprovided further that such real property shall be used for the\nproduction of musical and performing art and for furthering the purposes\nfor which such corporation was organized by providing operatic, musical\nand dramatic performances and other related educational activities\neither directly by such corporation or indirectly by leasing or\notherwise making such real property or portions thereof available for\nthe use of other corporations organized on a non-profit basis and\nwithout capital stock and to educate the general public in, or to foster\ninterest in, good musical or performing art and for one or more of the\npurposes for which the owner corporation is organized, shall be exempt\nfrom taxation and exempt from special ad valorem levies and special\nassessments to the extent provided in section four hundred ninety of\nthis article, as provided for corporations in section four hundred\ntwenty-a of this article, although a portion or portions of such real\nproperty are, from time to time, leased or used for public performances,\ntheatrical performances, opera, ballet, concerts, lectures, meetings,\ngraduation exercises or other related educational or non-commercial uses\nfor the purposes of income, if such income is necessary for and actually\napplied to the maintenance and support of the owner corporation or such\nother corporation organized on a non-profit basis and without capital\nstock and provided that such leasing or use for any such purpose is not\nthe principal purposes to which the use of such real property is put by\nthe owner corporation or by such other corporation organized on a\nnon-profit basis and without capital stock.\n