THE COUNCIL OF THE CITY OF NEW YORK
RESOLUTION NO. 663
Resolution to approve a real property tax exemption pursuant to Section 577 of the Private Housing Finance Law (PHFL), for the Exemption Area located at 251 West 145th Street (Block 2031, Lot 5), 247 West 145th Street (Block 2031, Lot 7), 243 West 145th Street (Block 2031, Lot 10), 239 West 145th Street (Block 2031, Lot 12), 210 West 140th Street (Block 2025, Lot 44), 212 West 140th Street (Block 2025, Lot 46), 214 West 140th Street (Block 2025, Lot 47), 216 West 140th Street (Block 2025, Lot 49), and 60 St. Nicholas Avenue (Block 1823, Lot 18), Community District 10, Borough of Manhattan (L.U. No. 204; 20155444 HAM).
By Council Members Greenfield and Dickens
WHEREAS, the New York City Department of Housing Preservation and Development ("HPD") submitted to the Council on March 18, 2015 its request dated March 13, 2015 that the Council take the following actions regarding a tax exemption for real property located at 251 West 145th Street (Block 2031, Lot 5), 247 West 145th Street (Block 2031, Lot 7), 243 West 145th Street (Block 2031, Lot 10), 239 West 145th Street (Block 2031, Lot 12), 210 West 140th Street (Block 2025, Lot 44), 212 West 140th Street (Block 2025, Lot 46), 214 West 140th Street (Block 2025, Lot 47), 216 West 140th Street (Block 2025, Lot 49), and 60 St. Nicholas Avenue (Block 1823, Lot 18), Community District 10, Borough of Manhattan (the "Exemption Area"):
Approve a tax exemption of the Exemption Area from real property taxes pursuant to the Private Housing Finance Law (PHFL) Section 577 (the "Tax Exemption");
WHEREAS, upon due notice, the Council held a public hearing on the Tax Exemption on April 13, 2015; and
WHEREAS, the Council has considered the land use and financial implications and other policy issues relating to the Tax Exemption;
RESOLVED:
The Council approves the Tax Exemption for the Exemption Area pursuant to Section 577 of the Private Housing Finance Law as follows:
1. For the purposes hereof, the following terms shall have the following meanings:
(a) "420-c" Benefits shall mean the tax benefits pursuant to Section 420-c of the Real Property Tax Law that commenced on July 1, 2008 for the real property located in the Borough of Manhattan, City and State of New York, identified as Block 1823, Lot 18 on the Tax Map of the City of New York.
(b) "Company" shall mean Northern Manhattan Equities II LLC.
(c) "Effective Date" shall mean the later of (i) the date of conveyance of the Exemption Area to the HDFC or (ii) the date that HPD and the Owner enter into the Regulatory Agreement.
(d) "Exemption" shall mean the exemption from real property taxation provided hereunder.
(e) "Exemption Area" shall mean the real property located in the Borough of Manhattan, City and State of New York, identified as Block 1823, Lot 18, Block 2025, Lots 44, 46, 47 and 49, and Block 2031, Lots 5, 7, 10 and 12 on the Tax Map of the City of New York.
(f) "Expiration Date" shall mean the earlier to occur of (i) a date which is thirty-one and a half (31.5) years from the Effective Date, (ii) the date of expiration or termination of the Regulatory Agreement or (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.
(g) "HDFC" shall mean NME II Housing Development Fund Company, Inc.
(h) "HPD" shall mean the City of New York Department of Housing Preservation and Development.
(i) "J-51 Benefits" shall mean any tax benefits pursuant to Section 489 of the Real Property Tax Law for the Exemption Area which are in effect on the Effective Date.
(j) "Owner" shall mean, collectively, the HDFC and the Company.
(k) "Regulatory Agreement" shall mean the regulatory agreement between HPD and the Owner establishing certain controls upon the operation of the Exemption Area during the term of the Exemption.
2. The 420-c Benefits shall terminate on the Effective Date.
3. 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.
4. 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 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, (iv) the Exemption Area is conveyed to a new owner without the prior written approval of HPD, or (v) 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 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 apply to all land in the Exemption Area, but shall only apply to buildings on the Exemption Area that exist on the Effective Date.
(c) Nothing herein shall entitle the HDFC to a refund of any real property taxes which accrued and were paid with respect to the Exemption Area prior to the Effective Date.
5. In consideration of the Exemption, the owner of the Exemption Area, for so long as the Exemption shall remain in effect, shall 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. Notwithstanding the foregoing, the J-51 Benefits shall remain in effect, but the Exemption shall be reduced by the amount of the J-51 Benefits.
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 April 16, 2015, on file in this office.
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City Clerk, Clerk of The Council