The New York City Council - File #: Res 0368-2018

• File #: Res 0368-2018
• Version: *
• Name: LU 99 - Rockaway Village Phase 1, Queens
• Type: Resolution
• Status: Adopted
• File created: 5/23/2018
• In control: Committee on Finance
• On agenda: 5/23/2018
• Final action: 5/23/2018
• Title: Resolution approving an exemption from real property taxes for property located at (Block 15537, p/o Lot 1) Queens, pursuant to Section 577 of the Private Housing Finance Law (Preconsidered L.U. No. 99).
• Sponsors: Donovan J. Richards

Date	Ver.	Action By	Action	Result
5/23/2018	*	City Council	Approved, by Council	Pass
5/23/2018	*	Committee on Finance	P-C Item Approved by Comm

THE COUNCIL OF THE CITY OF NEW YORK
RES. NO. 368

Title
Resolution approving an exemption from real property taxes for property located at (Block 15537, p/o Lot 1) Queens, pursuant to Section 577 of the Private Housing Finance Law (Preconsidered L.U. No. 99).
Body

By Council Member Richards

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 15537, p/o Lot 1) Queens ("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. "Companies" shall mean FRV Phase 1 LIHTC LLC and FRV Phase 1 Moderate LLC or a limited liability company that acquires all or a portion of the beneficial interests in the Exemption Area with the approval of HPD.

b. "Effective Date" shall mean the later of (i) the date of conveyance of the Exemption Area to the HDFC, or (ii) the date that HDC, HPD and the Owner enter into the Regulatory Agreement.

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 Queens, City and State of New York, identified as Block 15537, p/o Lot 1 on the Tax Map of the City of New York.

e. "Expiration Date" shall mean the earlier to occur of (i) a ...