In 1979, petitioner applied to the Onondaga County Industrial Development Agency (OCIDA) for issuance of $5,000,000 in Industrial Development Revenue Bonds (IRBs). The IRBs were used to finance industrial expansion of premises owned by petitioner in the Town of Geddes. OCIDA took title to the premises, and then leased the facility back to petitioner.
Under General Municipal Law § 874 and Real Property Tax Law § 412...
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