The New York City Council - File #: Res 0543-2018

• File #: Res 0543-2018
• Version: *
• Name: LU 184 - Planning, 638-640 Riverside Drive/TMN209G2-Article XI, Manhattan (20195013 HAM (TMN209G2))
• 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 74, Community District 9, Borough of Manhattan, (L.U. No. 184; Non-ULURP No. 20195013 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. 543

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 74, Community District 9, Borough of Manhattan, (L.U. No. 184; Non-ULURP No. 20195013 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 74, 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. "Amended Regulatory Agreement" shall mean the Regulatory Agreement dated June 29, 2018 between HPD and the Owner establishing certain controls upon the operation of the Exemption Area during the term of the New Exemption as such Regulatory Agreement shall be amended on or before June 29, 2020 to extend the restriction period to forty years from the date that such amendment is executed.

b. "Effective Date" shall mean the date that HPD and the Owner enter into the Amended Regulatory Agreement.

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