File #: Res 0184-2018    Version: * Name: LU 14 - Planning, 425 Grand Concourse, Bronx (20185164 HAX)
Type: Resolution Status: Adopted
File created: 2/14/2018 In control: Committee on Land Use
On agenda: 2/14/2018 Final action: 2/14/2018
Title: Resolution approving a real property tax exemption pursuant to Article XI of the Private Housing Finance Law for property located at 425 Grand Concourse (Block 2346, Lot 1), Borough of the Bronx, (L.U. No.14; Non-ULURP No. 20185164 HAX).
Sponsors: Rafael Salamanca, Jr., Ben Kallos
Attachments: 1. Land Use Calendar - Week of January 22, 2018 - January 26, 2018, 2. Hearing Testimony - Planning 1-23-18, 3. Land Use Calendar - Week of February 5, 2018 - February 9, 2018, 4. Land Use Calendar - February 8, 2018, 5. February 14, 2018 - Stated Meeting Agenda, 6. Committee Report, 7. Hearing Transcript - Stated Meeting 2-14-18, 8. Minutes of the Stated Meeting - February 14, 2018
THE COUNCIL OF THE CITY OF NEW YORK
RESOLUTION NO. 184

Title
Resolution approving a real property tax exemption pursuant to Article XI of the Private Housing Finance Law for property located at 425 Grand Concourse (Block 2346, Lot 1), Borough of the Bronx, (L.U. No.14; Non-ULURP No. 20185164 HAX).
Body

By Council Members Salamanca and Kallos

WHEREAS, the New York City Department of Housing Preservation and Development ("HPD") submitted to the Council on January 19, 2018 its request dated January 16, 2018 that the Council approve an exemption from real property taxes pursuant to Section 577 of Article XI of the Private Housing Finance Law (the "Tax Exemption Request") for property located at 425 Grand Concourse (Block 2346, Lot 1) (the "Exemption Area"), Community District 1, Borough of the Bronx;

WHEREAS, upon due notice, the Council held a public hearing on the Tax Exemption Request on January 23, 2018; and

WHEREAS, the Council has considered the land use, environmental 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:

a. For the purposes hereof, the following terms shall have the following meanings:
i. "Community Facility Space" shall mean those portions of the Exemption Area which the Regulatory Agreement requires to be devoted solely to community facility uses.
ii. "Effective Date" shall mean the later of (i) the date of conveyance of the Exemption Area to the HDFC, or (ii) the date that HPD and the Owner enter into the Regulatory Agreement.

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

iv. "Exemption Area" shall mean the real property located in the Borough of the Bronx, City and State of New York, identified as Block 2346, Lot 1 on the Tax Map of the City of New York.

v. "Expiration Date" shall...

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