Businesses that are Corporations or Partnerships must have an Employer Identification Number (EIN). Sole proprietors may use their Social Security Number.
Applicants must be in business at least two years and will be required to file copies of the business' federal tax returns as proof.
The business must move at least one employee from its premises outside the eligible area to premises within the eligible area, which consists of above 96th Street in Manhattan or any of the other four boroughs: Brooklyn, the Bronx, Queens, or Staten Island. Within the eligible area, there is a revitalization zone. These zones are specifically designated by the City of New York. For further specific information about revitalization zones please refer to the Department of Finance contact listed below.
The property to which the business relocates must be one of the following: Eligible for the City's Industrial and Commercial Incentive Program. (Please note that Industrial and Commercial Abatement Program (ICAP), which replaced the now expired ICIP, does not provide for REAP eligibility.); Leased from the New York City Industrial Development Agency (part of the New York City Economic Development Corporation); Owned by the City; or Leased from the Port Authority or New York State Urban Development Corporation. If the premises are leased, the lease term must extend to a date that is at least three years after the date that the lease commenced or the date of relocation, whichever is later.
Expenditures must be made for improvements to the property in excess of 50% of the assessed value of the property for commercial property or in excess of 25% of the assessed value for industrial property. Expenditures of at least $25 per square foot must be made after July 1, 2003 for improvements to the premises.
Applicants must submit a completed application (certificate of eligibility) and all required supporting documentation required in the application. Annual certifications are required to determine the amount REAP benefit for each of the twelve years.
Applications must be submitted to the address on each form no later than July 1, 2008 in order to claim REAP credit for this fiscal year.
In order to claim REAP benefits, the applicant must submit an annual computation of aggregate employment shares maintained by the eligible business every year. Finance then issues an annual certification that must be attached to the applicable business tax return.
Complete and submit the ADD application only for an anticipated move, even if all the requested information is not yet available. If your current eligible premises are within a revitalization area, your additional or replacement premises must also be in a revitalization area. The premises cannot be certified as additional or replacement premises if you maintained employment shares there prior to this application for certification.