THE COUNCIL OF THE CITY OF NEW YORK
RES. NO. 541
Title
Resolution approving an exemption from real property taxes for property located at (Block 1612, Lot 1) Manhattan, pursuant to Section 577 of the Private Housing Finance Law (Preconsidered L.U. No. 230).
Body
By Council Member Dromm
WHEREAS, the New York City Department of Housing Preservation and Development ("HPD") submitted to the Council its request dated June 25, 2018 that the Council take the following action regarding a housing project located at (Block 1612, Lot 1) 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. "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.
b. "Exemption Area" shall mean the real property located in the Borough of Manhattan, City and State of New York, identified as Block 1612, 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 which the Exemption Area ceases to be owned by either a housing development fund company or an entity wholly controlled by a housing development fund company.
d. "HDF...
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