"Shirt-changers," or businesses reincorporating prior to Aug. 1, 2002 in order to maximize tax benefits, will be decertified. Businesses in the Empire Zone program for a minimum of three years having a benefit-to-cost ratio of less than 1-to-1 will be eliminated from the program, as well as those with a change in ownership or those that leave the Empire Zone.
"One of the distinctions here is that the property is still in the zone," said Buicko. "The acreage in the property and tenants that are utilizing the Empire Zone can still qualify."
He said that Scotia Industrial Park is in the Empire Zone. According to Buicko, land doesn't get decertified.
"So any tenant " let's take XYZ Company that locates there " they can get zone certified," said Buicko. "We're very comfortable that we've complied with the law, and we're very comfortable that New York state will do the right thing when the facts are presented."
"It seems to be they're targeting developments run by large developers. That seems to be a common thread," said Gillen. "I think once the state understands what's going on out there they'll approve this but it's too early to say."