The New York City Council - File #: Res 0316-2018

• File #: Res 0316-2018
• Version: *
• Name: LU 59 - Planning, 721 VAN SICLEN HDFC, Brooklyn (20185227 HAK)
• Type: Resolution
• Status: Adopted
• File created: 4/25/2018
• In control: Committee on Land Use
• On agenda: 4/25/2018
• Final action: 4/25/2018
• Title: Resolution approving a new real property tax exemption pursuant to Article XI of the Private Housing Finance Law and termination of the prior exemption for property located at Block 4329, Lot 1, in Community District 5, Borough of Brooklyn, (L.U. No. 59; Non-ULURP No. 20185227 HAK).
• Sponsors: Rafael Salamanca, Jr., Ben Kallos

Date	Ver.	Action By	Action	Result
4/25/2018	*	City Council	Approved, by Council	Pass
4/19/2018	*	Committee on Land Use	Approved by Committee

THE COUNCIL OF THE CITY OF NEW YORK
RESOLUTION NO. 316

Title
Resolution approving a new real property tax exemption pursuant to Article XI of the Private Housing Finance Law and termination of the prior exemption for property located at Block 4329, Lot 1, in Community District 5, Borough of Brooklyn, (L.U. No. 59; Non-ULURP No. 20185227 HAK).
Body

By Council Members Salamanca and Kallos

WHEREAS, the New York City Department of Housing Preservation and Development ("HPD") submitted to the Council on March 6, 2018 its request dated March 2, 2018 that the Council approve a new exemption from real property taxes pursuant to Section 577 of the Private Housing Finance Law (the "Tax Exemption Request") for property located at Block 4329, Lot 1, and termination of the prior exemption, Community District No. 5, Borough of Brooklyn, Council District No. 42 (the "Exemption Area");

WHEREAS, HPD's Request is related to previously approved City Council Resolution No. 2387 of 1997, L.U. No. 1325 (the "Prior Resolution");

WHEREAS, upon due notice, the Council held a public hearing on the Tax Exemption Request on March 27, 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 a new 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 January 1, 2011.
b. "Exemption Area" shall mean the real property located in the Borough of Brooklyn, City and State of New York, identified as Block 4329, Lot 1 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 the expiration or termination of the Regulatory Agreement, or (iii) the date upon w...