THE COUNCIL OF THE CITY OF NEW YORK
RES. NO. 517
Title
Resolution approving an exemption from real property taxes for property located at (Block 1864, Lot 23) Manhattan, pursuant to Section 577 of the Private Housing Finance Law (Preconsidered L.U. No. 197).
Body
By Council Member Dromm
WHEREAS, the New York City Department of Housing Preservation and Development ("HPD") submitted to the Council its request dated July 27, 2018 that the Council take the following action regarding a housing project located at (Block 1864, Lot 23) Manhattan ("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. "Company" shall mean 107 West 109 Owner LLC or another entity that acquires the beneficial interest in the Exemption Area with the prior written consent of HPD.
b. "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 the Effective Date.
c. "Contract Rent Differential Tax" shall mean the sum of (i) $130,092, plus (ii) twenty-five percent (25%) of the Contract Rent Differential.
d. "Effective Date" shall mean the later of (i) the date of conveyance of the Exemption Area to the HDFC, or (ii) the d...
Click here for full text