The New York City Council - File #: Res 0468-2018

• File #: Res 0468-2018
• Version: *
• Name: LU 168 - Planning, Friendset Apartments, Brooklyn (20185538 HAK)
• Type: Resolution
• Status: Adopted
• File created: 7/18/2018
• In control: Committee on Land Use
• On agenda: 7/18/2018
• Final action: 7/18/2018
• 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 7046, Lot 1, Community District 13, Borough of Brooklyn (Preconsidered L.U. No. 168; Non-ULURP No. 20185538 HAK).
• Sponsors: Rafael Salamanca, Jr., Ben Kallos

Date	Ver.	Action By	Action	Result
7/18/2018	*	City Council	Approved, by Council	Pass
7/18/2018	*	Committee on Land Use	P-C Item Approved by Comm

THE COUNCIL OF THE CITY OF NEW YORK
RESOLUTION NO. 468

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 7046, Lot 1, Community District 13, Borough of Brooklyn (Preconsidered L.U. No. 168; Non-ULURP No. 20185538 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 July 2, 2018 its request dated July 2, 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 7046, Lot 1, Community District No. 13, Borough of Brooklyn, Council District No. 47 (the "Exemption Area");

WHEREAS, upon due notice, the Council held a public hearing on the Tax Exemption Request on July 17, 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. Approve the exemption from real property taxation pursuant to Section 577 of the Private Housing Finance Law as follows:

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

(1) "Company" shall mean Friendset Apartments LLC or another entity that acquires the beneficial interest in the Exemption Area with the prior written consent of HPD.

(2) "Contract Rent Differential" shall mean the amount by which the total contract rents applicable to the Exemption Area for such tax year (as adjusted and established pursuant to Section 8 of the United States Housing Act of 1937, as amended) exceed the total contract rents which were authorized as of th...