The New York City Council - File #: Res 0365-2018

• File #: Res 0365-2018
• Version: *
• Name: LU 96 - Essie Jeffries Apartments, Manhattan
• Type: Resolution
• Status: Adopted
• File created: 5/23/2018
• In control: Committee on Finance
• On agenda: 5/23/2018
• Final action: 5/23/2018
• Title: Resolution approving an exemption from real property taxes for property located at (Block 2117, Lot 34 Block 2119, Lots 58 and 66) Manhattan, pursuant to Section 577 of the Private Housing Finance Law (Preconsidered L.U. No. 96).
• Sponsors: Daniel Dromm

Date	Ver.	Action By	Action	Result
5/23/2018	*	City Council	Approved, by Council	Pass
5/23/2018	*	Committee on Finance	P-C Item Approved by Comm

THE COUNCIL OF THE CITY OF NEW YORK
RES. NO. 365

Title
Resolution approving an exemption from real property taxes for property located at (Block 2117, Lot 34 Block 2119, Lots 58 and 66) Manhattan, pursuant to Section 577 of the Private Housing Finance Law (Preconsidered L.U. No. 96).
Body

By Council Member Dromm

WHEREAS, the New York City Department of Housing Preservation and Development ("HPD") submitted to the Council its request dated April 23, 2018 that the Council take the following action regarding a housing project located at (Block 2117, Lot 34 Block 2119, Lots 58 and 66) Manhattan ("Exemption Area"):

Approve an exemption of the Project from real property taxes pursuant to Section 577 of the Private Housing Finance Law (the "Tax Exemption");

WHEREAS, the project description that HPD provided to the Council states that the purchaser of the Project (the "Sponsor") is a duly organized housing development fund company under Article XI of the Private Housing Finance Law;

WHEREAS, the Council has considered the financial implications relating to the Tax Exemption;

RESOLVED:

The Council hereby grants an exemption from real property taxes as follows:

1. For the purposes hereof, the following terms shall have the following meanings:

a. "Community Facility Space" shall mean those portions of the Exemption Area which the Regulatory Agreement requires to be devoted soley to community facility uses.

b. "Conveyance Lots" shall mean the real property located in the Borough of Manhattan, City and State of New York, identified as Block 2119, Lots 58 and 66 on the Tax Map of the City of New York.

c. "Effective Date" shall mean the later of (i) the date of conveyance of the Conveyance Lots to the HDFC, or (ii) the date that HPD and the Owner enter into the Regulatory Agreement.

d. "Exemption Area" shall mean the real property located in the Borough of Manhattan, City and State of New York, identified as Block 2117, Lot 34,...