File #: Res 0374-2018    Version: * Name: LU 72 - Planning, CHS, Brooklyn (20185329 HAK)
Type: Resolution Status: Adopted
File created: 5/23/2018 In control: Committee on Land Use
On agenda: 5/23/2018 Final action: 5/23/2018
Title: Resolution approving a tax exemption pursuant to Article XI of the Private Housing Finance Law for property located at Block 1499, Lot 13 and Block 1502, Lot 18, Borough of Brooklyn, (L.U. No. 72; Non-ULURP No. 20185329 HAK).
Sponsors: Rafael Salamanca, Jr., Ben Kallos
Attachments: 1. Land Use Calendar - Week of April 30, 2018 - May 4, 2018, 2. Hearing Testimony - Planning 5-1-18, 3. Land Use Calendar - Week of May 14, 2018 - May 18, 2018, 4. May 23, 2018 - Stated Meeting Agenda with Links to Files, 5. Committee Report, 6. Resolution, 7. Hearing Transcript - Stated Meeting 5-23-18, 8. Minutes of the Stated Meeting - May 23, 2018
THE COUNCIL OF THE CITY OF NEW YORK
RESOLUTION NO. 374

Title
Resolution approving a tax exemption pursuant to Article XI of the Private Housing Finance Law for property located at Block 1499, Lot 13 and Block 1502, Lot 18, Borough of Brooklyn, (L.U. No. 72; Non-ULURP No. 20185329 HAK).
Body

By Council Members Salamanca and Kallos

WHEREAS, the New York City Department of Housing Preservation and Development ("HPD") submitted to the Council on April 18, 2018 its request dated April 16, 2018 that the Council approve an exemption from real property taxes pursuant to Section 577 of the Private Housing Finance Law (the "Tax Exemption Request") for property located at Block 1499, Lot 13 and Block 1502, Lot 18, Community District No. 16, Borough of Brooklyn, Council District No. 41 (the "Exemption Area");

WHEREAS, upon due notice, the Council held a public hearing on the Tax Exemption Request on May 1, 2018;

WHEREAS, the Council has considered the land use and financial implications and other policy issues relating to the Tax Exemption Request;

RESOLVED:

Pursuant to Section 577 of the Private Housing Finance Law, the Council approves an exemption of the Exemption Area from real property taxes as follows:

1. For the purposes hereof, the following terms shall have the following meanings:
a. "Company" shall mean CB CSH 2015 LLC or a limited liability company that acquires the beneficial interest in the Exemption Area with the approval of HPD.

b. "Effective Date" shall mean December 30, 2015.

c. "Exemption" shall mean the exemption from real property taxation provided hereunder.

d. "Exemption Area" shall mean the real property located in the Borough of Brooklyn, City and State of New York, identified as Block 1499, Lot 13 and Block 1502, Lot 18 on the Tax Map of the City of New York.

e. "Expiration Date" shall mean the earlier to occur of (i) December 30, 2050, (ii) the date of expiration or termination of the Regulatory Agreement, or (iii) the da...

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