The New York City Council - File #: Res 0544-2018

• File #: Res 0544-2018
• Version: *
• Name: LU 185 - Planning, 642-644 Riverside Drive/TMN209G-Article XI, Manhattan (20195014 HAM (TMN209G))
• Type: Resolution
• Status: Adopted
• File created: 9/26/2018
• In control: Committee on Land Use
• On agenda: 9/26/2018
• Final action: 9/26/2018
• Title: Resolution approving a new tax exemption pursuant to Article XI of the Private Housing Finance Law and termination of the prior tax exemption for property located at Block 2088, Lot 114, Community District 9, Borough of Manhattan, (L.U. No. 185; Non-ULURP No. 20195014 HAM).
• Sponsors: Rafael Salamanca, Jr., Rafael Salamanca, Jr., Ben Kallos

Date	Ver.	Action By	Action	Result
9/26/2018	*	City Council	Approved, by Council	Pass
9/26/2018	*	City Council	Approved, by Council	Pass
9/20/2018	*	Committee on Land Use	Approved by Committee
9/20/2018	*	Committee on Land Use	Approved by Committee

THE COUNCIL OF THE CITY OF NEW YORK
RESOLUTION NO. 544

Title
Resolution approving a new tax exemption pursuant to Article XI of the Private Housing Finance Law and termination of the prior tax exemption for property located at Block 2088, Lot 114, Community District 9, Borough of Manhattan, (L.U. No. 185; Non-ULURP No. 20195014 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 July 27, 2018 its request dated July 27, 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") and termination of the prior exemption for property located at Block 2088, Lot 114, Community District No. 9, Borough of Manhattan, Council District No. 7 (the "Exemption Area");

WHEREAS, upon due notice, the Council held a public hearing on the Tax Exemption Request on September 5, 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. "Effective Date" shall mean the date that HPD and the Owner enter into the Regulatory Agreement.

b. "Exemption Area" shall mean real property located in the Borough of Manhattan, City and State of New York, identified as Block 2088, Lot 114 on the Tax Map of the City of New York.

c. "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 Agreement, or (iii) the date upon which the Exemption Area ceases to be owned either by a housing development fund company or an ent...