The New York City Council - File #: Res 0528-2018

• File #: Res 0528-2018
• Version: *
• Name: LU 183 - Planning, Triple HDFC, HPO, FY19, Manhattan (20195011 HAM (Triple HDFC.HPO.FY19))
• Type: Resolution
• Status: Adopted
• File created: 9/12/2018
• In control: Committee on Land Use
• On agenda: 9/12/2018
• Final action: 9/12/2018
• 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 1655, Lot 15; Block 1708, Lot 48 and Block 1795, Lot 24, Community District 11, Borough of Manhattan, (L.U. No. 183; Non-ULURP No. 20195011 HAM).
• Sponsors: Rafael Salamanca, Jr., Ben Kallos

Date	Ver.	Action By	Action	Result
9/12/2018	*	City Council	Approved, by Council	Pass
9/6/2018	*	Committee on Land Use	Approved by Committee

THE COUNCIL OF THE CITY OF NEW YORK
RESOLUTION NO. 528

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 1655, Lot 15; Block 1708, Lot 48 and Block 1795, Lot 24, Community District 11, Borough of Manhattan, (L.U. No. 183; Non-ULURP No. 20195011 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 23, 2018 its request dated July 19, 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 1655, Lot 15; Block 1708, Lot 48 and Block 1795, Lot 24, Community District No. 11, Borough of Manhattan, Council District No. 8 (the "Exemption Area");

WHEREAS, upon due notice, the Council held a public hearing on the Tax Exemption Request on August 14, 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. "Companies" shall mean 105 Street Associates, LLC and BFC First Avenue Housing LLC or other entities that acquire all or a portion of the beneficial interests in the Exemption Area with the prior written consent 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 HPD and the Owner enter into the Regulatory Agreement.

c. "Exemption Area" shall mean the real property located in the Borough of Manhattan, City and State of New Y...