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Developers of residential rental properties who cannot commence construction of their projects on or before December 31, 2015 (thus vesting under the Current 421-a Statute, i.e., NYS RPTL Section 421-a(1) et seq.) do not yet know whether the Future 421-a Statute will take effect, whether their projects can meet the increased affordability requirements (i.e., 25% or 30% of all rental units must be affordable) and other eligibility requirements of the Future 421-a Statute and still make a reasonable return on investment, and whether the Future 421-a Statute will come with an unaffordable construction wage requirement.
If the reassessment plan is not adhered to and the town falls outside the scope of reassessment, the town might be required to pay back the state aid (RPTL section 1573).
[Reassessment means] an assessing unit may revise its assessments as provided for in Real Property Tax Law (RPTL) to maintain uniformity and/or level of assessment, using means other than a lull reappraisal ...
Pursuant to RPTL section 581(a), the assessed values of condominiums and coops shall not exceed the value of the parcel if it had not been owned by co-op or condominium.
(38) RPTL section 727 "provides a three-year respite from any change in the assessed valuation of property" when a prior assessment is found improper by a court, unless there has been "a revaluation or update of all real property on the assessment roll." (39) A court had previously found an assessment to be improper, and therefore the town expected its respite from litigation, nevertheless, the assessment board maintained that a "reassessment"--which was conducted yearly to receive state aid under RPTL section 1573-qualified for the exception.
On the one hand, Judge Smith disagrees with the majority's interpretation because it "creates a loophole in section 727 that the Legislature did not intend and that will undermine the purpose of the statute." (41) Reading RPTL section 1573 completely, Judge Smith finds that it reveals another aid provision--which is tri-annual rather than annual--that more closely resembles the exception in RPTL section 727.
RPTL has signed the agreements through its two SPVs for the projects under the Western Region System Strengthening Scheme-II (WRSSS-II).
The RPTL won the project as the lowest bidder and obtained transmission licence from the CERC.
Focus group data and the RPTL were analyzed using traditional focus group methods (Krueger, 1994).
RPTL merged nine group companies with itself (effective from April 1, 2008 onwards), in order to consolidate its logistics, engineering, and construction-related services businesses.
The merger has reduced the proportion of revenues RPTL derives from RIL under the throughput agreement with RIL; nevertheless, profitability and cash flows from these throughput agreements continue to form a significant proportion of the merged entity's profitability and cash flows.
Testing Specialties: Rapid Precision Testing Laboratories (RPTL) is a highly specialized enterprise consisting principally of two full time experts in the various aspects of spectral measurement and photobiological risk assessment.
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