Section 22-626. Industrial business zones

(a) The industrial business zone
  boundary commission shall publish notice  at  least  once  in  the  City
  Record or a newspaper of general circulation in the city setting forth:
    (1)  the  boundaries of one or more industrial business zones that the
  commission proposes to be designated, amended or repealed; and
    (2) the date, which shall not be earlier  than  five  nor  later  than
  fifteen  days  following  the  publication  of such notice, on which the
  commission will hold a public hearing to hear all persons interested  in
  the proposed designation, amendment or repeal of such zone or zones.
    (b) If after such public hearing, the commission designates or repeals
  one or more industrial business zones or amends the boundaries of one or
  more  such  zones,  it  shall  notify the local legislative body of such
  designation, repeal or amendment not later than thirty days  after  such
  designation, repeal or amendment.
    (c)  The  designation  or repeal of an industrial business zone or the
  amendment of the boundaries of one  or  more  such  zones  shall  become
  effective   upon   (1)   the  vote  of  the  commission  approving  such
  designation, repeal or amendment or (2) any other date provided  for  by
  the commission when it approves such designation, repeal or amendment.
    (d)  (1)  The  commission  may  designate  an area to be an industrial
  business zone if it determines that the market conditions in  such  zone
  are such that the availability of an industrial business zone tax credit
  is   required   in  order  to  encourage  industrial  and  manufacturing
  activities in such zone.
    (2) The commission may repeal an existing industrial business zone  if
  it  determines that the market conditions in such zone are such that the
  availability of an industrial business zone  tax  credit  is  no  longer
  required  in  order to encourage industrial and manufacturing activities
  in such zone.
    (3) The commission may amend in whole or in part the boundaries of  an
  existing industrial business zone if it determines: (A) for any new area
  or  areas  to be included within the zone, that the market conditions in
  such area or areas are such  that  the  availability  of  an  industrial
  business  zone  tax  credit is required in order to encourage industrial
  and manufacturing activities in such area or areas; and (B) for any area
  or areas to be eliminated from such zone, that the market conditions  in
  such  area  or  areas  are  such  that the availability of an industrial
  business zone tax credit is no longer required  in  order  to  encourage
  industrial and manufacturing activities in such area or areas.
    (4)  In  making any of the determinations set forth in paragraphs one,
  two or three of this subdivision, the commission shall  consider,  among
  other  factors it determines are appropriate for consideration, existing
  land uses, the industrial and manufacturing character  of  the  relevant
  area,  the  relevant  area's  potential  development  for industrial and
  manufacturing activities, whether there is any  as-of-right  zoning  for
  new   residential   development  within  such  area,  vehicular  traffic
  patterns, and existing or proposed empire zone boundaries.
    (5) Any land to be included in an industrial business  zone  shall  be
  designated  as M-1, M-2, or M-3 pursuant to the zoning resolution of the
  city of New York in effect at the time of designation.
    (6) For  the  purposes  of  this  subdivision,  the  term  "industrial
  business  zone tax credit" means an industrial business zone tax credit,
  as  provided  in  subdivision  (n)  of  section  11-503  or  subdivision
  seventeen-b of section 11-604 of this code.