The New York City Council - File #: Res 0529-2018

• File #: Res 0529-2018
• Version: *
• Name: LU 186 - Planning, Nueva Era Apartments, Manhattan (20195015 HAM)
• Type: Resolution
• Status: Adopted
• File created: 9/12/2018
• In control: Committee on Land Use
• On agenda: 9/12/2018
• Final action: 9/12/2018
• Title: Resolution approving a new tax exemption pursuant to Article XI of the Private Housing Finance Law and termination of the prior tax exemption for property located at Block 2152, Lots 36 and 38, Community District 12, Borough of Manhattan, (L.U. No. 186; Non-ULURP No. 20195015 HAM).
• Sponsors: Rafael Salamanca, Jr., Ben Kallos

Date	Ver.	Action By	Action	Result
9/12/2018	*	City Council	Approved, by Council	Pass
9/6/2018	*	Committee on Land Use	Approved by Committee

THE COUNCIL OF THE CITY OF NEW YORK
RESOLUTION NO. 529

Title
Resolution approving a new tax exemption pursuant to Article XI of the Private Housing Finance Law and termination of the prior tax exemption for property located at Block 2152, Lots 36 and 38, Community District 12, Borough of Manhattan, (L.U. No. 186; Non-ULURP No. 20195015 HAM).
Body

By Council Members Salamanca and Kallos

WHEREAS, the New York City Department of Housing Preservation and Development ("HPD") submitted to the Council on July 31, 2018 its request dated July 27, 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 the prior exemption for property located at Block 2152, Lots 36 and 38, Community District No. 12, Borough of Manhattan, Council District No.10 (the "Exemption Area");

WHEREAS, upon due notice, the Council held a public hearing on the Tax Exemption Request on August 14, 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 an exemption of the Exemption Area from real property taxes as follows:

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

(1) "Company" shall mean 287 Audubon Owner LLC or another entity that acquires the beneficial interest in the Exemption Area with the prior written consent of HPD.

(2) "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.

(3) "Contract Rent Differential Tax" shall mean the sum of (i) $69,526, plus (ii) twenty-five pe...