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Legislature Approves Tax Forgiveness for Two Lake Street Parcels

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Legislature Approves Tax Forgiveness for Two Lake Street Parcels

Tuesday, September 1, 2015

The Legislature, by unanimous vote (Legislator Kathy Luz Herrera was excused), approved an agreement for the County to forgo collection of County taxes, for the years 2014-2016, in an amount not to exceed $5,400, on two parcels on Lake Street, now owned by the City of Ithaca, adjacent to the Ithaca Falls Natural Area, in support of the parcels’ addition to this public resource.  The parcels were subject to foreclosure proceedings by the City this year, and withheld by the City through action of Common Council.  The measure notes that its action will produce an annual loss of tax revenue of approximately $1,200 to the County thereafter.