The Commercial Expansion Program (CEP) program is designed to increase tenant occupancy in commercial offices and industrial/manufacturing spaces. CEP provides property tax benefits for qualified new, renewal, and expansion leases in commercial offices and industrial/manufacturing spaces built before January 1, 1999. The properties must be located in a designated abatement zone. Applicants are also required to make certain minimum physical improvements to the eligible premises and the common areas. BenefitThree or Four-Year LeasesIn the initial year, the tax abatement is equal to the actual property tax liability per square foot or $2.50 per square foot, whichever is less. It is equal to two-thirds the initial amount in year two and one-third in year three.Leases of Five or More YearsThe abatement lasts for five years. In years one, two and three it is equal to the actual property tax liability per square foot, or $2.50 per square foot, whichever is less.The abatement is equal to two-thirds the initial amount in year four and one-third in year five.Leases of up to Ten Years (Manufacturing Only)The abatement lasts for up to ten years depending on the lease.
There is no phase out. The same expenditure requirements (see above) as commercial CEP apply and must include a description of the beginning raw materials and final product(s) manufactured. BenefitLease TermAbatement PeriodYear 1Year 2Year 3Year 4Year 53 - 4 Years3 YearsProperty tax liability or $2.50 per sq. Whichever is less2/3 of initial abatement1/3 of initial abatementAbatement ExpiresAbatement Expires5 Years(Commercial)5 YearsProperty tax liability or $2.50 per sq. Whichever is lessProperty tax liability or $2.50 per sq. Whichever is lessProperty tax liability or $2.50 per sq.
Download now! Hello guest register or sign in. CEP 1.2.2 file - CEP (formerly known as SEASMOD) for ParaWorld. Full Version. Uploader AyCe. Added Jun 8th, 2014. Size 51.77mb (54,284,783 bytes) Downloads 2,389 (2 today) MD5 Hash. You must run the 'cep.exe' then in the menu, you click on 'go to the website' or something like that, on the.
Whichever is less2/3 of initial abatement1/3 of initial abatement5 Years or more (Manufacturing)5 Years or moreProperty tax liability or $2.50 per sq. Whichever is lessProperty tax liability or $2.50 per sq.
Whichever is lessProperty tax liability or $2.50 per sq. Whichever is lessProperty tax liability or $2.50 per sq. Whichever is lessProperty tax liability or $2.50 per sq. Whichever is lessEligibilityLocationManhattan (north of 96th Street zoned C4, C5, C6, M1, M2, or M3) and all areas in the Bronx, Brooklyn, Queens and Staten Island. CEP Manufacturing within the Garment District: West 34th & 9th to West 39th & 9th and West 34th & Broadway to 40th & Broadway.Lease TermIf companies have fewer than 125 employees, the lease term must be for at least 3 years; if there are more than 125 employees, the lease term must be for at least 10 years. All leases must begin before June 30, 2018 in order to be eligible for the program.Eligible PropertiesThe property must be classified as a non-residential or mixed-use building built before January 1, 1999.Properties occupied by or used for retail, hotel, or residential purposes are not eligible.Required Physical ImprovementsImprovements to common areas and the eligible premises are required. Please see below for the required minimum spending on improvements.
Minimum Cost of ImprovementsLease TypeLess than 125 employeesMore than 125 employeesNew$2.50 per sq. Of net leasable space$25.00 per sq. Of net leasable spaceRenewal$2.50 per sq. Of net leasable space if previously occupied$5.00 per sq.
For all applicable net leasable space if previously occupiedExpansion$2.50 per sq. Of net leasable space$25.00 per sq. Of net leasable spaceSpending on improvements under a lease renewal must occur within the three year period prior to the start of the Renewal lease and up to 14 months after the tenant's rent commencement date.
Spending on improvements under New and Expansion leases must occur within the three year period prior to the start of the lease and up to 60 days after the tenant's rent commencement date. Benefits cannot begin until one month after the rent commencement date.Initial Application RequirementsA completed must be submitted within 180 days of the lease start date. CEP benefits will be denied if an application is received after the 180th day.
Please refer to the Commercial Expansion Program (CEP) Application for instructions, information about other requirements and filing deadlines.Once a property is approved for CEP, the applicant/representative will receive a Notification of Eligibility which includes your application number. You should keep the application number for future reference.
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