File #: Res 0372-2018    Version: * Name: LU 68 - Planning, Bethany Place, Manhattan (20185271 HAM)
Type: Resolution Status: Adopted
File created: 5/23/2018 In control: Committee on Land Use
On agenda: 5/23/2018 Final action: 5/23/2018
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 2047, Lots 7 and 10, Community District 10, Borough of Manhattan, (L.U. No. 68; Non-ULURP No. 20185271 HAM).
Sponsors: Rafael Salamanca, Jr., Ben Kallos
Attachments: 1. April 11, 2018 - Stated Meeting Agenda, 2. Land Use Calendar - Week of April 16, 2018 - April 20, 2018, 3. Hearing Testimony - Planning 4-17-18, 4. Hearing Transcript - Stated Meeting 4-11-18, 5. Hearing Testimony - Planning 5-1-18, 6. Hearing Transcript - Planning 4-17-18, 7. Land Use Calendar - Week of May 14, 2018 - May 18, 2018, 8. May 23, 2018 - Stated Meeting Agenda with Links to Files, 9. Committee Report, 10. Resolution, 11. Hearing Transcript - Stated Meeting 5-23-18, 12. Minutes of the Stated Meeting - May 23, 2018
THE COUNCIL OF THE CITY OF NEW YORK
RESOLUTION NO. 372

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 2047, Lots 7 and 10, Community District 10, Borough of Manhattan, (L.U. No. 68; Non-ULURP No. 20185271 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 April 4, 2018 its request dated April 3, 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 2047, Lots 7 and 10, Community District No. 10, Borough of Manhattan, Council District No. 9 (the "Exemption Area");

WHEREAS, HPD's request is related to previously approved City Council Resolution No. 561; Preconsidered L.U. No. 248 of November 17, 2010 (the "Prior Resolution");

WHEREAS, upon due notice, the Council held a public hearing on the Tax Exemption Request on May 1, 2018; and

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 the real property located in the Borough of Manhattan, City and State of New York, identified as Block 2047, Lots 7 and 10 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 t...

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