The New York City Council - File #: Res 0364-2018

• File #: Res 0364-2018
• Version: *
• Name: LU 95 - Aquinas Housing for the Elderly, 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 amendment to a previously approved exemption from real property taxes for property located at (Block 3118, Lots 42, 44, Block 3130, Lot 2) Bronx, pursuant to Section 577 of the Private Housing Finance Law (Preconsidered L.U. No. 95).
• 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. 364

Title
Resolution approving an amendment to a previously approved exemption from real property taxes for property located at (Block 3118, Lots 42, 44, Block 3130, Lot 2) Bronx, pursuant to Section 577 of the Private Housing Finance Law (Preconsidered L.U. No. 95).
Body

By Council Member Dromm

WHEREAS, the New York City Department of Housing Preservation and Development ("HPD") requested that the Council amend a previously approved tax exemption for property located at (Block 3118, Lots 42, 44, Block 3130, Lot 2) Bronx ("Exemption Area");

WHEREAS, HPD's February 26, 2018 request for amendment is related to a previously approved Council Resolution adopted on May 14, 2015 (Res. 703) (the "Prior Resolution") granting the Exemption Area an exemption from real property taxation pursuant to Section 577 of the Real Property Tax Law;

WHEREAS, HPD is requesting that the Prior Resolution be amended to correct technical errors;

RESOLVED:

Pursuant to Section 577 of the Private Housing Finance Law, the Council approves the amendment to the Prior Resolution requested by HPD as follows:

Paragraphs 1 and 4 of the Prior Resolution are deleted and replaced with the following paragraphs:

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

(a) "Company" shall mean Aquinas Deacon Juan Santos LLC.

(b) "Effective Date" shall mean the date of repayment or refinancing of the HUD Mortgage.

(c) Exemption Area" shall mean the real property located in the Borough of the Bronx, City and State of New York, identified as Block 3118, Lots 42 and 44, and Block 3130, Lot 2, on the Tax Map of the City of New York.

(d) "Expiration Date" shall mean the earlier to occur of (i) a date which is thirty-five (35) years from the Effective Date, (ii) the date of the expiration or termination of the Regulatory Agreement, or (iii) the date upon which the E...