Probably not. Under the New York Administrative Code 11-2102, a transfer tax does not apply to “an act, instrument or transaction that carries or transports real estate or economic interests that results in a simple change in the identity or form of the property or organization, to the extent that the economic ownership of that property or its economic interests remains the same. , which include co-operative housing or housing, to a co-operative housing corporation.¬†However, the code makes an exception to the co-operative exception: “The term “cooperative housing company” must not include a housing company organized and operating according to the provisions of the article… 11 of the Private Housing Financing Act.¬†Therefore, due to a strict and clear interpretation of tax legislation, the privatization of HDF should not be an event subject to a transfer tax. Each plan contains an expiration date (usually indicated in section H of the plan). However, this expiration date is not the end of the story. Keep in mind that the Urban Renewal Act allows the city to require compliance with the plan as a condition for the transfer of the land. This means that the owner of the property is subject to an urban renewal contract that is in fact or in LDA (and sometimes both) and that requires compliance with the plan. If this alliance is silent for its own duration, the requirement to comply with the plan expires on the date specified in the plan. However, the urban renewal contract in an act or LDA can sometimes extend the requirement to comply with the plan well beyond that expiry date. Although this is unusual, it happens, and so it is important to always check the deed, LDA and all other agreements that have been registered against the property to see what urban renewal alliances say about the duration of their requirements. In order to build the new city, the applicants requested the designation of the 12 urban lots and the designation of the entire construction zone as an urban planning action project (UDAAP). The site is currently equipped with a mix of production and residential uses as part of the MX-10 Mixed Mixed District and as part of the saratoga Square renovation plan.

The proposed construction would not be permitted at this time, as the designation of the urban renewal plan limits the land to industrial uses. During the duration of a plan, it may be subject to several changes, often referred to as “changes” or “minor changes” (for minor changes). However, any urban renewal facilities available to the city under a plan are subject to the version of the plan, which came into effect at the time of this provision.