The New York City Council - File #: Res 0395-2018

• File #: Res 0395-2018
• Version: *
• Name: LU 106 - Planning, 501 West 51st Street, Manhattan (20185362 HAM)
• Type: Resolution
• Status: Adopted
• File created: 6/7/2018
• In control: Committee on Land Use
• On agenda: 6/7/2018
• Final action: 6/7/2018
• Title: Resolution approving a new tax exemption pursuant to Article XI of the Private Housing Finance Law for property located at Block 1080, p/o Lot 28, Community District 4, Borough of Manhattan, (L.U. No. 106; Non-ULURP No. 20185362 HAM).
• Sponsors: Rafael Salamanca, Jr., Ben Kallos

Date	Ver.	Action By	Action	Result
6/7/2018	*	City Council	Approved, by Council	Pass
6/5/2018	*	Committee on Land Use	Approved by Committee

THE COUNCIL OF THE CITY OF NEW YORK
RESOLUTION NO. 395

Title
Resolution approving a new tax exemption pursuant to Article XI of the Private Housing Finance Law for property located at Block 1080, p/o Lot 28, Community District 4, Borough of Manhattan, (L.U. No. 106; Non-ULURP No. 20185362 HAM).
Body

By Council Members Salamanca and Kallos

WHEREAS, the New York City Department of Housing Preservation and Development ("HPD") submitted to the Council on May 23, 2018 its request dated May 21, 2018 that the Council approve a new real property tax exemption pursuant to Section 577 of the Private Housing Finance Law (the "Tax Exemption Request") for property located at Block 1080, p/o Lot 28, Community District No. 4, Borough of Manhattan, Council District No. 3 (the "Exemption Area");

WHEREAS, upon due notice, the Council held a public hearing on the Tax Exemption Request on May 30, 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 501 West 51 Associates 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 July 28, 2010.

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 Manhattan, City and State of New York, identified as Block 1080, p/o Lot 28 on the Tax Map of the City of New York.

e. "Expiration Date" shall mean the earlier to occur of (i) a date which is forty (40) years from the Effective Date, (ii) the date of the expiration or termination of the Regulatory Agreem...