Int. No. 530

By Council Members Provenzano, Avella, Jennings, Quinn, Katz, Palma, Weprin, Martinez and The Public Advocate (Ms. Gotbaum) (by request of the Mayor)

A Local Law to amend the administrative code of the city of New York, in relation to area eligibility limitations on benefits pursuant to section four hundred twenty-one-a of the real property tax law.

Be it enacted by the Council as follows:

Section one.                     Subdivision (a) of section 11-245 of the administrative code of the city of New York, as amended by local law number 42 for the year 2003, is amended to read as follows:

                        (a)                      No benefits under section four hundred twenty-one-a of the real property tax law shall be conferred for any construction commenced on or after November twenty-ninth, nineteen hundred eighty-five and prior to December thirty-first, two thousand seven for any tax lots now existing or hereafter created which are located entirely within the geographic area in the borough of Manhattan bounded and described as follows:  BEGINNING at the intersection of the bulkhead line in the Hudson River and 96th street extended; thence easterly to 96th street and continuing along 96th street to its easterly terminus; thence easterly to the intersection of 96th street extended and the bulkhead line in the East River; thence southerly along said bulkhead line to the intersection of said bulkhead line and 14th street extended; thence westerly to 14th street and continuing along 14th street to Broadway; thence southerly along Broadway to Houston street; thence westerly along Houston street to Thompson street; thence southerly along Thompson street to Spring street; thence westerly along Spring street to Avenue of the Americas; thence northerly along Avenue of the Americas to Vandam street; thence westerly along Vandam street to Varick street; thence northerly along Varick street to Houston street; thence westerly along Houston street and continuing to its westerly terminus; thence westerly to the intersection of Houston street extended and the bulkhead line in the Hudson River; thence northerly along said bulkhead line to the intersection of said bulkhead line and 11th avenue extended; thence northerly to 11th avenue and continuing along 11th avenue to 14th street; thence easterly along 14th street to 10th avenue; thence northerly along 10th avenue to [28th] 30th street; [thence easterly along 28th street to 9th avenue; thence northerly along 9th avenue to 33rd street;] thence [easterly] westerly [along 33rd] along 30th street to 11th avenue; thence northerly along 11th avenue to 41st street [to 8th avenue; thence northerly along 8th avenue to 34th street; thence easterly along 34th street to 7th avenue; thence northerly along 7th avenue to 41st street]; thence westerly along 41st street and continuing to its westerly terminus; thence westerly to the intersection of 41st street extended and the bulkhead line in the Hudson River; thence northerly along said bulkhead line to the place of beginning.

§ 2.  This local law shall take effect one year after the date of its enactment.