The New York City Council - File #: Res 0367-2018

• File #: Res 0367-2018
• Version: *
• Name: LU 98 - Lafayette Morrison Apartments, Bronx
• 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 3627, Lots 20, 30, 40 and 50) Bronx, pursuant to Section 577 of the Private Housing Finance Law (Preconsidered L.U. No. 98).
• 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. 367

Title
Resolution approving an exemption from real property taxes for property located at (Block 3627, Lots 20, 30, 40 and 50) Bronx, pursuant to Section 577 of the Private Housing Finance Law (Preconsidered L.U. No. 98).
Body

By Council Member Dromm

WHEREAS, the New York City Department of Housing Preservation and Development ("HPD") submitted to the Council its request dated March 16, 2018 that the Council take the following action regarding a housing project located at (Block 3627, Lots 20, 30, 40 and 50) Bronx ("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. "Effective Date" shall mean July 1, 2017.

b. "Exemption Area" shall mean the real property located in the Borough of the Bronx, City and State of New York, and identified as Block 3627, Lots 20, 30, 40 and 50 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 thirty-two (32) 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 by either a housing development fund company or an entity wholly controlled by a housing development fund company.

d. "HDFC" shall mean Lafayette-Morrison Housing Development Fund Corporation or a housing deve...