THE COUNCIL OF THE CITY OF NEW YORK

RESOLUTION NO. 1785

Resolution approving an Amended Urban Development Action Area Project located at 3100 Third Avenue (Block 2364, Lot 45), 3106 Third Avenue (Block 2364, Lot 49), 3120 Third Avenue (Block 2364, p/o Lot 58) (air rights over private land), 507 East 158^th Street (Block 2364, Lot 70), Borough of the Bronx, and approving the urban development action area designation and project, pursuant to Sections 693 and 694 of the General Municipal Law (L.U. No. 945; 20095220 HAX).

By Council Members Katz and Garodnick

WHEREAS, the New York City Department of Housing Preservation and Development ("HPD") submitted to the Council on November 21, 2008 its request dated November 3, 2008 that the Council take the following actions regarding the following Amended Urban Development Action Area Project (the "Project") located at 3100 Third Avenue (Block 2364, Lot 45), 3106 Third Avenue (Block 2364, Lot 49), 3120 Third Avenue (Block 2364, p/o Lot 58) (air rights over private land), 507 East 158^th Street (Block 2364, Lot 70),Community District 1, Borough of the Bronx (the "Disposition Area"):

                        1.                     Find that the present status of the Disposition Area tends to impair or arrest the sound growth and development of the municipality and that the proposed Urban Development Action Area Project is consistent with the policy and purposes stated in Section 691 of the General Municipal Law;

                        2.                     Approve the designation of the Disposition Area as an Urban Development Action Area pursuant to Section 693 of the General Municipal Law;

                        3.                     Approve the Project as an Urban Development Action Area Project pursuant to Section 694 of the General Municipal Law; and

                        4.                     Approve the exemption of the Project from real property taxes pursuant to Section 696 of the General Municipal Law (the "Tax Exemption").

                           WHEREAS, the Project is to be developed on land that is an eligible area as defined in Section 692 of the General Municipal Law, consists solely of the rehabilitation or conservation of existing private or multiple dwellings or the construction of one to four unit dwellings, and does not require any change in land use permitted under the New York City Zoning Resolution;

                     WHEREAS, the submission is a proposed amendment to a previously approved project 20070506 HAX (L.U. No. 543, Resolution No. 1120 of 2007;

                           WHEREAS, upon due notice, the Council held a public hearing on the Project on January 26, 2009;

                      WHEREAS, the Council has considered the land use, environmental and financial implications and other policy issues relating to the Project;

RESOLVED:

                           The Council finds that the present status of the Disposition Area tends to impair or arrest the sound growth and development of the City of New York and that a designation of the Project as an urban development action area project is consistent with the policy and purposes stated in Section 691 of the General Municipal Law.

                           The Council approves the designation of the Disposition Area as an Urban Development Action Area.

                           The Council approves the Project as an urban development action area project pursuant to Section 694 of the General Municipal Law.

                           The Project shall be developed in a manner consistent with the Project Summary that HPD has submitted to the Council, a copy of which is attached hereto.

                           The exemption of the Project from real property taxes pursuant to Section 696 of the General Municipal Law is approved as follows:

a.                     All of the value of the buildings, structures, and other improvements situated on the Disposition Area shall be exempt from local and municipal taxes, other than assessments for local improvements and land value, for a period of twenty years commencing on the July 1^st following the conveyance of the Disposition Area to the Sponsor, during the last ten years of which such exemption shall decrease in equal annual decrements.

b.                     The partial tax exemption granted hereunder shall terminate with respect to all or any portion of the Disposition Area if the Department of Housing Preservation and Development determines that such real property has not been, or is not being, developed, used, and/or operated in compliance with the requirements of all applicable agreements made by the Sponsor or the owner of such real property with, or for the benefit of, the City of New York.  The Department of Housing Preservation and Development shall deliver written notice of any such determination of noncompliance to the owner of such real property and all mortgagees of record, which notice shall provide for an opportunity to cure of not less than ninety (90) days.  If the noncompliance specified in such notice is not cured within the time period specified therein, the partial tax exemption granted hereunder shall prospectively terminate with respect to the real property specified therein.

Adopted.

                           Office of the City Clerk, }

                           The City of New York,  } ss.:

                                                   I hereby certify that the foregoing is a true copy of a Resolution passed by The Council of The City of New York on January 28, 2009, on file in this office.

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                            City Clerk, Clerk of The Council