THE COUNCIL OF THE CITY OF NEW YORK
RESOLUTION NO. 852
Resolution approving an exemption from real property taxes for property located at (Block 2284 Lot 62, Block 2285 Lot 60, Block 2301 Lot 2, Block 2397, Lots 1, 3, 6, 7 and 9, Block 2398 Lots 8 and 9, Block 2403 Lot 35, Block 2411 Lot 45, 2550 Lots 8, 10, 38 and 44, Block 2551 Lot 45, Block 2554 Lot 44, Block 2557 Lot 46, Block 2566 Lot 5, Block 2568 Lot 60, Block 2603 Lots 20, 22, 26, 30, 150, 161, 165 and 208, Block 2617 Lot 14, Block 2629 Lot 13, Block 2630 Lot 51, Block 2636 Lots 38 and 39, Block 2674 Lot 21, Block 2683 Lot 39, Block 2684 Lot 76, Block 2708 Lot 1, Block 2712 Lot 28, Block 2721 Lot 41, Block 2746 Lots 7 and 15) Bronx, pursuant to Section 577 of the Private Housing Finance Law (Preconsidered L.U. No. 394)
By Council Member Recchia
WHEREAS, the New York City Department of Housing Preservation and Development ("HPD") submitted to the Council its request dated May 9, 2011 that the Council take the following action regarding a housing project (the "Project") to be located at (Block 2284 Lot 62, Block 2285 Lot 60, Block 2301 Lot 2, Block 2397, Lots 1, 3, 6, 7 and 9, Block 2398 Lots 8 and 9, Block 2403 Lot 35, Block 2411 Lot 45, 2550 Lots 8, 10, 38 and 44, Block 2551 Lot 45, Block 2554 Lot 44, Block 2557 Lot 46, Block 2566 Lot 5, Block 2568 Lot 60, Block 2603 Lots 20, 22, 26, 30, 150, 161, 165 and 208, Block 2617 Lot 14, Block 2629 Lot 13, Block 2630 Lot 51, Block 2636 Lots 38 and 39, Block 2674 Lot 21, Block 2683 Lot 39, Block 2684 Lot 76, Block 2708 Lot 1, Block 2712 Lot 28, Block 2721 Lot 41, Block 2746 Lots 7 and 15) Bronx ("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 held a hearing on the Project on May 26, 2011;
WHEREAS, the Council has considered the financial implications relating to the Tax Exemption;
RESOLVED:
The Project shall be developed upon the terms and conditions set forth in the Project Summary that HPD has submitted to the Council, a copy of which is attached hereto.
1. For the purposes hereof, the following terms shall have the following meanings:
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(a) "Effective Date" for the properties listed in Exhibit A shall mean the later of (i) the date of conveyance of the Exemption Area from the Original HDFC to the New HDFC's, and (ii) the date that HPD and the New HDFC's enter into the New Regulatory Agreement, except that with respect only to Block 2712, Lot 28, the Effective Date shall mean the date HPD and the Original HDFC enter into the New Regulatory Agreement.
"Effective Date" for the properties listed in Exhibit B shall mean the respective effective dates indicated therein for each property.
(b) Exemption" shall mean the exemption from real property taxation provided hereunder.
(c) "Exemption Area" shall mean the real property located in the Borough of the Bronx, City and State of New York, identified as Block 2284, Lot 62, Block 2285, Lot 60, Block 2301, Lot 2, Block 2397, Lots 1, 3, 6, 7 & 9, Block 2398, Lots 8 & 9, Block 2403, Lot 35, Block 2411, Lot 45, Block 2550, Lots 8, 10, 38 & 44, Block 2551, Lot 45, Block 2554, Lot 44, Block 2557, Lot 46, Block 2566, Lot 5, Block 2568, Lot 60, Block 2603, Lots 20, 22, 26, 30, 150, 161, 165 & 208, Block 2617, Lot 14, Block 2629, Lot 13, Block 2630, Lot 51, Block 2636, Lots 38 & 39, Block 2674, Lot 21, Block 2683, Lot 39, Block 2684, Lot 76, Block 2708, Lot 1, Block 2712, Lot 28, Block 2721, Lot 41, and Block 2746, Lots 7 & 15 on the Tax Map of the City of New York.
(d) "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, (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, or, with respect only to Block 2683, Lot 39, (iv) a date which is the same Expiration Date as applies to Block 2674, Lot 21.
(e) "New HDFC's" shall mean Quadrant Properties Housing Development Fund Corporation, Union-Southern Housing Development Fund Corporation, and Hoe-Longwood Housing Development Fund Corporation.
(f) "Original HDFC" shall mean collectively the housing development fund corporations listed in Exhibits A and B.
(g) "HPD" shall mean the Department of Housing Preservation and Development of the City of New York.
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(h) "Owner" shall mean Sponsor or any future owner of the Exemption Area.
(i) "New Regulatory Agreement" shall mean the regulatory agreement between HPD and the New HDFC's, as amended, establishing certain controls upon the operation of the Exemption Area during the term of the Exemption.
2. All of the value of the property in the Exemption Area, including both the land and any improvements (excluding those portions, if any devoted to business or commercial use) shall be exempt from real property taxation, other than assessments for local improvements, for a period commencing upon the Effective Date and terminating upon the Expiration Date.
3. Notwithstanding any provision hereof to the contrary,
a. The Exemption shall terminate if HPD determines at any time that (i) the Exemption Area is not being operated in accordance with the requirements of Article XI of the Private Housing Finance Law, (ii) the Exemption Area is not being operated in accordance with the requirements of the New Regulatory Agreement, (iii) the Exemption Area is not being operated in accordance with the requirements of any other agreement with, or for the benefit of, the City of New York, or (iv) the demolition of any private or multiple dwelling on the Exemption Area has commenced without the prior written consent of HPD. HPD shall deliver written notice of any such determination to the Owner and all mortgagees of record, which notice shall provide for an opportunity to cure of not less than sixty (60) days. If the noncompliance specified in such notice is not cured within the time period specified therein, the Exemption shall prospectively terminate.
b. The Exemption shall not apply to any building constructed on the Exemption Area which did not have a permanent certificate of occupancy on the Effective Date or an equivalent document satisfactory to HPD recording the occupancy and configuration of the building.
4. In consideration of the Exemption, the New HDFC's, or the Original HDFC with respect to Block 2712, Lot, 28, shall (i) execute and record the New Regulatory Agreement, and (ii) for so long as the Exemption shall remain in effect, waive the benefits of any additional or concurrent exemption from or abatement of real property taxation which may be authorized under any existing or future local, state, or federal law, rule, or regulation except for an exemption and/or abatement of real property taxation pursuant to Section 489 of the Real Property Tax Law.
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Reso. No. 852 (Preconsidered L.U. No. 394 )
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 May 26, 2011, on file in this office.
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City Clerk, Clerk of Council