File #: Res 0425-2018    Version: * Name: LU 110 - Zoning, 142-150 South Portland Avenue Rezoning, Brooklyn (20185361 HAK)
Type: Resolution Status: Adopted
File created: 6/28/2018 In control: Committee on Land Use
On agenda: 6/28/2018 Final action: 6/28/2018
Title: Resolution approving a new real property tax exemption pursuant to Article XI of the Private Housing Finance Law for property located at Block 2003, Lots 37, Borough of Brooklyn, (L.U. No. 110; Non-ULURP No. 20185361 HAK).
Sponsors: Rafael Salamanca, Jr., Ben Kallos
Attachments: 1. May 23, 2018 - Stated Meeting Agenda with Links to Files, 2. Land Use Calendar - Week of May 28, 2018 - June 1, 2018, 3. Hearing Testimony - Zoning 5-30-18, 4. Land Use Calendar - Week of June 18, 2018 - June 22, 2018, 5. Hearing Transcript - Zoning 5-30-18, 6. Land Use Calendar - June 20, 2018, 7. Committee Report, 8. Resolution, 9. Hearing Transcript - Stated Meeting 6-28-18, 10. Minutes of the Recessed Stated Meeting - June 28, 2018, 11. Minutes of the Stated Meeting - June 28, 2018
THE COUNCIL OF THE CITY OF NEW YORK
RESOLUTION NO. 425

Title
Resolution approving a new real property tax exemption pursuant to Article XI of the Private Housing Finance Law for property located at Block 2003, Lots 37, Borough of Brooklyn, (L.U. No. 110; Non-ULURP No. 20185361 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 May 23, 2018 its request dated May 21, 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 2003, Lot 37, Community District No. 2, Borough of Brooklyn, Council District No. 35 (the "Exemption Area");

WHEREAS, upon due notice, the Council held a public hearing on the Tax Exemption Request on May 30, 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. "Company" shall mean South Portland LLC or another entity that acquires the beneficial interest in the Exemption Area with the prior written consent of HPD.

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

c. "Exemption" shall mean the exemption from real property taxation provided hereunder.

d. "Exemption Area" shall mean the real property located in the Borough of the Brooklyn, City and State of New York, identified as Block 2003, Lot 37 on the Tax Map of the City of New York.

e. "Expiration Date" shall mean the earlier to occur of (i) a date w...

Click here for full text