The New York City Council - File #: Res 0246-2018

• File #: Res 0246-2018
• Version: *
• Name: LU 46 - Red Hook Gardens, Brooklyn
• Type: Resolution
• Status: Adopted
• File created: 3/22/2018
• In control: Committee on Finance
• On agenda: 3/22/2018
• Final action: 3/22/2018
• Title: Resolution approving an exemption from real property taxes for property located at (Block 524, Lots 1 and 10; Block 531, Lots 13, 18, and 22; Block 587, Lots 41 and 145) Brooklyn, pursuant to Section 577 of the Private Housing Finance Law (Preconsidered L.U. No. 46).
• Sponsors: Daniel Dromm

Date	Ver.	Action By	Action	Result
3/22/2018	*	City Council	Approved, by Council	Pass
3/22/2018	*	Committee on Finance	Approved by Committee

THE COUNCIL OF THE CITY OF NEW YORK
RES. NO. 246

Title
Resolution approving an exemption from real property taxes for property located at (Block 524, Lots 1 and 10; Block 531, Lots 13, 18, and 22; Block 587, Lots 41 and 145) Brooklyn, pursuant to Section 577 of the Private Housing Finance Law (Preconsidered L.U. No. 46).
Body

By Council Member Dromm

WHEREAS, the New York City Department of Housing Preservation and Development ("HPD") submitted to the Council its request dated February 26, 2018 that the Council take the following action regarding a housing project located at (Block 524, Lots 1 and 10; Block 531, Lots 13, 18, and 22; Block 587, Lots 41 and 145) Brooklyn ("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. "Effective Date" shall mean September 27, 2002.
b. "Exemption Area" shall mean the real property located in the Borough of Brooklyn, City and State of New York, identified as Block 524, Lots 1 and 10, Block 531, Lots 13, 18, and 22, and Block 587, Lots 41 and 145 on the Tax Map of the City of New York.
c. "Expiration Date" shall mean the earlier to occur of (i) December 31, 2021, (ii) the date of the expiration or termination of the Regulatory Agreement, or (iii) the date upon which the Exemption Area ceases to be owned by either a housing development fund company or an entity wholly controlled by a housing ...