Onondaga County Industrial Development Agency v. Town of Van Buren

Order *703unanimously reversed, without costs, and petition reinstated, in accordance with the following memorandum: It was error for Special Term to dismiss this petition seeking review of the tax assessment on petitioner’s property (Real Property Tax Law, art 7). Relying on our decision in Matter of Adams Co. v Nist (72 AD2d 908), respondents contend that the property is not entitled to an exemption under subdivision (1) of section 874 of the General Municipal Law. We agree; nevertheless, there is an operative factor here which was absent in Adams. The parties entered into a “Payment in Lieu of…