File #: Res 0371-2018    Version: * Name: LU 66 - Planning, PRC Tiffany Street, Bronx (20185269 HAX)
Type: Resolution Status: Adopted
File created: 5/23/2018 In control: Committee on Land Use
On agenda: 5/23/2018 Final action: 5/23/2018
Title: Resolution approving a new tax exemption pursuant to Article XI of the Private Housing Finance Law and termination of the prior exemption for property located at Block 2713, p/o Lot 2; Tentative Lot 20, Community District 2, Borough of the Bronx, (L.U. No. 66; Non-ULURP No. 20185269 HAX).
Sponsors: Rafael Salamanca, Jr., Ben Kallos
Attachments: 1. April 11, 2018 - Stated Meeting Agenda, 2. Land Use Calendar - Week of April 16, 2018 - April 20, 2018, 3. Land Use Calendar - Week of April 30, 2018 - May 4, 2018, 4. Hearing Testimony - Planning 4-17-18, 5. Hearing Transcript - Stated Meeting 4-11-18, 6. Hearing Testimony - Planning 5-1-18, 7. Hearing Transcript - Planning 4-17-18, 8. Land Use Calendar - Week of May 14, 2018 - May 18, 2018, 9. May 23, 2018 - Stated Meeting Agenda with Links to Files, 10. Committee Report, 11. Resolution, 12. Hearing Transcript - Stated Meeting 5-23-18, 13. Minutes of the Stated Meeting - May 23, 2018
THE COUNCIL OF THE CITY OF NEW YORK
RESOLUTION NO. 371

Title
Resolution approving a new tax exemption pursuant to Article XI of the Private Housing Finance Law and termination of the prior exemption for property located at Block 2713, p/o Lot 2; Tentative Lot 20, Community District 2, Borough of the Bronx, (L.U. No. 66; Non-ULURP No. 20185269 HAX).
Body

By Council Members Salamanca and Kallos

WHEREAS, the New York City Department of Housing Preservation and Development ("HPD") submitted to the Council on April 4, 2018 its request dated April 3, 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 a prior exemption for property located at Block 2713, p/o Lot 2 (Tentative Lot 20), Community District No. 2, Borough of the Bronx, Council District No. 17 (the "Exemption Area");

WHEREAS, HPD's request is related to previously approved City Council Resolution No. 713; L.U. No. 225 of May 27, 2015;

WHEREAS, upon due notice, the Council held a public hearing on the Tax Exemption and Termination Requests on April 17, 2018; and

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. For the purposes hereof, the following terms shall have the following meanings:
a. "Companies" shall mean, collectively, PRC Tiffany Street LIHTC LLC and PRC Tiffany Street Moderate LLC, and any limited liability company that acquires a beneficial leasehold interest in the Exemption Area pursuant to the Lease with the approval of HPD.

b. "Current Owner" shall mean, collectively, Fee HDFC and PRC Andrews Avenue LLC.

c. "Effective Date" shall mean the later of (i) the date of the leasehold conveyance of the...

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