To be eligible for benefits for commercial new construction, applicant may build anywhere in New York City except in Manhattan, south of the centerline of 96th Street and north of Murray, Frankfort, and Dover Streets.
To be eligible for benefits for commercial renovation, applicant may be expanding, modernizing, or otherwise improving an existing structure anywhere in the City except in Manhattan south of the centerline of 96th Street and north of Murray, Frankfort, and Dover Streets. Specific benefits are available for renovation in three areas, although the benefits available depend on the area in which the project is located: the Garment Center District; an area in lower Manhattan bounded generally by Murray Street, South Street, Battery Place and West Street; and the remainder of Manhattan below 59th Street.
Applicants must make a minimum required expenditure (MRE) equal to at least 30 percent of the taxable assessed value of the project in the year of the issuance of the building permit or, if no permit is required, the start of construction. The MRE must be made no later than four years from the date of the issuance of the first building permit for the project, or, if no permit is required, the start of construction. ICAP also provides an additional tax abatement benefit for industrial construction projects that meet a higher MRE (40 percent).
Applicant must submit two ICAP applications - a Preliminary Application for Certificate of Eligibility and a Final one.
Applicant must first submit a Preliminary Application before obtaining a building permit, or, if no building permit is required for the construction, applicant must submit a notarized letter from the project's architect or engineer notifying the Department of Finance of this fact within thirty calendar days of the commencement of construction. Please note: If applicants receive their permit before filing their ICAP application they will not be eligible for benefits.
Applicant must file a final application for benefits no later than one year from the date of issuance of the first building permit for construction work, or, where construction work does not require a building permit, no later than one year from the date of commencement of construction.
Applicant must file all income and expense statements for the property that are required by law.
Interim construction reports must be submitted to Finance semi-annually throughout the duration of the construction or renovation.
The ICAP M/WBE (Minority and Women Owned Business Enterprises) Compliance Report must be submitted with the Preliminary Application for Certificate Eligibility. The report is attached to the Preliminary Application.