§ 92-4. Eligible business facilities; continuation of exemption.

An "eligible business facility" as defined by the New York State Job Incentive Board pursuant to §§ 115 and 120 of the Commerce Law of the State of New York shall be exempt from taxes imposed by the Town for Town purposes for any increase in the value thereof which is attributable to expenditures certified by the Job Incentive Board to have been paid or incurred by the owner or operator for capital improvements commenced on or after the effective date of this article, consisting of the construction, reconstruction, erection or improvement of depreciable real property included in such facility, and such exemption shall be continued from year to year during the specified period only if the certificate of eligibility with respect to such business facility is not revoked or modified and is renewed or extended as provided by § 120 of the Commerce Law.