The New York City Council - File #: Res 0410-2018

• File #: Res 0410-2018
• Version: *
• Name: LU 123 - Mount Hope Renaissance PLP FY18, Bronx
• Type: Resolution
• Status: Adopted
• File created: 6/14/2018
• In control: Committee on Finance
• On agenda: 6/14/2018
• Final action: 6/14/2018
• Title: Resolution approving an exemption from real property taxes for property located at (Block 2790, Lot 7, Block 2805, Lot 31, Block 2828, Lot 17, Block 2829, Lots 9, 63, and 68, Block 2850, Lot 47, Block 2852, Lot 21, Block 2854, Lots 15, 18, 21, and 64, Block 2866, Lot 110) Bronx, pursuant to Section 577 of the Private Housing Finance Law (Preconsidered L.U. No.123).
• Sponsors: Daniel Dromm

Date	Ver.	Action By	Action	Result
6/14/2018	*	City Council	Approved, by Council	Pass
6/14/2018	*	Committee on Finance	P-C Item Approved by Comm

THE COUNCIL OF THE CITY OF NEW YORK
RES. NO. 410

Title
Resolution approving an exemption from real property taxes for property located at (Block 2790, Lot 7, Block 2805, Lot 31, Block 2828, Lot 17, Block 2829, Lots 9, 63, and 68, Block 2850, Lot 47, Block 2852, Lot 21, Block 2854, Lots 15, 18, 21, and 64, Block 2866, Lot 110) Bronx, pursuant to Section 577 of the Private Housing Finance Law (Preconsidered L.U. No.123).
Body

By Council Member Dromm

WHEREAS, the New York City Department of Housing Preservation and Development ("HPD") submitted to the Council its request dated April 23, 2018 that the Council take the following action regarding a housing project located at (Block 2790, Lot 7, Block 2805, Lot 31, Block 2828, Lot 17, Block 2829, Lots 9, 63, and 68, Block 2850, Lot 47, Block 2852, Lot 21, Block 2854, Lots 15, 18, 21, and 64, Block 2866, Lot 110) Bronx ("Exemption Area"):

Approve an exemption of the Project from real property taxes pursuant to Section 577 of the Private Housing Finance Law (the "Tax Exemption");

WHEREAS, the project description that HPD provided to the Council states that the purchaser of the Project (the "Sponsor") is a duly organized housing development fund company under Article XI of the Private Housing Finance Law;

WHEREAS, the Council has considered the financial implications relating to the Tax Exemption;

RESOLVED:

The Council hereby grants an exemption from real property taxes as follows:

1. For the purposes hereof, the following terms shall have the following meanings:

a. "Community Facility Space" shall mean those portions of the Exemption Area which the Regulatory Agreement requires to be devoted solely to community facility uses.

b. "Company" shall mean NCV HOPE LLC or a limited liability company that acquires the beneficial interest in the Exemption Area with the approval of HPD.

c. "Effective Date" shall mean the later of (i) the date of conveyance of the Exemption Area to ...