Section 874. Tax exemptions

(1) It is hereby determined that the creation
  of the agency and the carrying out of its corporate purposes is  in  all
  respects for the benefit of the people of the state of New York and is a
  public  purpose,  and  the  agency  shall  be  regarded  as performing a
  governmental function in the exercise of the powers conferred upon it by
  this title and shall be required to pay no taxes or assessments upon any
  of the property acquired by it or under its jurisdiction or  control  or
  supervision or upon its activities.
    (2)  Any  bonds  or notes issued pursuant to this title, together with
  the income therefrom, as well as the property of the  agency,  shall  be
  exempt from taxation, except for transfer and estate taxes.
    (3) Payments in lieu of taxes received by the agency shall be remitted
  to each affected tax jurisdiction within thirty days of receipt.
    (4)  (a)  The  agency  shall establish a uniform tax exemption policy,
  with input from affected tax jurisdictions, which shall be applicable to
  the provision of financial assistance pursuant to section eight  hundred
  fifty-nine-a  of  this  chapter  and  shall  provide  guidelines for the
  claiming of real property, mortgage recording, and sales tax exemptions.
  Such guidelines  shall  include,  but  not  be  limited  to:  period  of
  exemption;   percentage  of  exemption;  types  of  projects  for  which
  exemptions can be claimed; procedures for payments in lieu of taxes  and
  instances  in  which  real  property appraisals are to be performed as a
  part of an application for tax exemption; in addition, agencies shall in
  adopting such policy consider such issues as:  the  extent  to  which  a
  project  will  create  or  retain  permanent,  private  sector jobs; the
  estimated value of any tax exemptions to be provided;  whether  affected
  tax  jurisdictions  shall  be  reimbursed  by  the project occupant if a
  project does not  fulfill  the  purposes  for  which  an  exemption  was
  provided;  the  impact  of  a  proposed project on existing and proposed
  businesses and economic development projects in the vicinity; the amount
  of private sector investment generated or likely to be generated by  the
  proposed  project;  the  demonstrated  public  support  for the proposed
  project; the likelihood of  accomplishing  the  proposed  project  in  a
  timely fashion; the effect of the proposed project upon the environment;
  the  extent  to which the proposed project will require the provision of
  additional  services,  including,  but   not   limited   to   additional
  educational, transportation, police, emergency medical or fire services;
  and  the  extent  to  which the proposed project will provide additional
  sources of revenue for municipalities and school districts.
    (b) The agency shall establish a  procedure  for  deviation  from  the
  uniform  tax exemption policy required pursuant to this subdivision. The
  agency shall set forth in writing the reasons for  deviation  from  such
  policy, and shall further notify the affected local taxing jurisdictions
  of the proposed deviation from such policy and the reasons therefor.
    (5) Payments in lieu of taxes which are delinquent under the agreement
  or  which an agency fails to remit pursuant to subdivision three of this
  section, shall be subject to a late payment penalty of five  percent  of
  the  amount due which shall be paid by the project occupant (where taxes
  are delinquent because of the occupant's failure to  make  the  required
  payment)  or  the  agency  (because  of  the  agency's  failure to remit
  pursuant to subdivision three of  this  section)  to  the  affected  tax
  jurisdiction  at the time the payment in lieu of taxes is paid. For each
  month, or part thereof, that the payment in lieu of taxes is  delinquent
  beyond  the  first  month,  interest  shall accrue to and be paid to the
  affected tax jurisdiction on the total amount due plus  a  late  payment
  penalty  in  the  amount  of  one percent per month until the payment is
  made.

    (6) An affected tax jurisdiction which has not received a  payment  in
  lieu  of taxes due to it under an agreement may commence legal action in
  any court of competent jurisdiction directly against any  person,  firm,
  corporation,  organization or agency which is obligated to make payments
  in  lieu of taxes under an agreement and has failed to do so. In such an
  action, the affected tax jurisdiction shall be entitled to  recover  the
  amount  due,  the  late  payment  penalty, interest, expenses, costs and
  disbursements together with the reasonable attorneys' fees necessary  to
  prosecute such action. Nothing herein shall be construed as providing an
  affected  tax  jurisdiction  with  the  right to sue and recover from an
  agency which has not received payments in lieu of taxes from  a  project
  occupant.
    (7) Any refinancing of a project shall be subject to the provisions of
  section  eight  hundred  fifty-nine-a of this chapter, except where such
  refinancing was previously approved pursuant to such section.
    (8) Agents of an agency and project operators shall  annually  file  a
  statement  with  the state department of taxation and finance, on a form
  and in such a manner as is prescribed by the  commissioner  of  taxation
  and finance, of the value of all sales and use tax exemptions claimed by
  such  agents  or  agents of such agents or project operators, including,
  but not limited to, consultants or  subcontractors  of  such  agents  or
  project operators, under the authority granted pursuant to this section.
  The  penalty  for failure to file such statement shall be the removal of
  authority to act as an agent of an agency or a project operator.