As part of the effort to stimulate local business, City Council member Robert Cornegy has sponsored a new bill that would create an Interim Certificate of Occupancy. The new certificate would allow portions of buildings, where construction is complete, to open before the entire building is completed, and would involve navigating less red tape.
This new C of O would replace the current Temporary Certificate of Occupancy (TCO). The major difference between the two is that the Interim C of O would not need to be renewed every 90 days. Instead, it would expire when the Final C of O is received.
Certain properties, including residential buildings under 8-stories, parking structures, and mixed-use properties with fewer than 4 units, would not be eligible for the new certificate.
The bill is backed by the de Blasio administration and would be a huge development for many owners whose buildings currently sit empty waiting for final sign-offs on other floors.
Original article from BISNOW.