THE COUNCIL OF THE CITY OF NEW YORK RESOLUTION NO. 924 Title Resolution approving an Urban Development Action Area Project located at 300 Sumpter Street (Block 1527/Lot 29), Brooklyn, and waiving the urban development action area designation requirement and the Uniform Land Use Review Procedure, pursuant to Sections 693 and 694 of the General Municipal Law (L.U. No. 431; 20035203 HAK) Body By Council Members Katz and Martinez WHEREAS, the New York City Department of Housing Preservation and Development ("HPD") submitted to the Council on April 16, 2003 its request dated March 31, 2003 that the Council take the following actions regarding the following Urban Development Action Area Project (the "Project") located at 300 Sumpter Street (Block 1527/Lot 29), Community District 16, Borough of Brooklyn (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. Waive the area designation requirement of Section 693 of the General Municipal Law pursuant to said Section; 3. Waive the requirements of Sections 197-c and 197-d of the New York City Charter pursuant to Section 694 of the General Municipal Law; 4. Approve the Project as an urban development action area project pursuant to Section 694 of the General Municipal Law; and 5. Approve an exemption of the Project from real property taxes pursuant to Section 577 of Article XI of the Private Housing Finance Law (the "Tax Exemption"); ____________ Page 2 of 3 20035203 HAK Res. No. 924 (L.U. No. 431) WHEREAS, the Project is related to 19975304 HAK (L.U. No. 1312, Res. No. 2347 of 1997); WHEREAS, the Project is to be developed on land that is now a municipally-owned area as defined in Section 692 of the General Municipal Law, consists solely of the rehabilitation or conservation of existing private or multiple dwellings and does not require any change in land use permitted under the New York City Zoning Resolution; WHEREAS, the project description that HPD provided to the Council states that the purchaser in connection with the Sale (the "Sponsor") is a duly organized housing development fund company under Article XI of the Private Housing Finance Law; WHEREAS, upon due notice, the Council held a public hearing on the Project on May 20, 2003; WHEREAS, the Council has considered the land use 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 waives the area designation requirement of the Disposition Area as an urban development action area under Section 693 of the General Municipal Law. The Council waives the requirements of Sections 197-c and 197-d of the New York City Charter pursuant to Section 694 of the General Municipal Law. The Council approves the Project as an Urban Development Action Area Project pursuant to Section 694 of the General Municipal Law. ______________ Page 3 of 3 20035203 HAK Res. No. 924 (L.U. No. 431) The Project shall be disposed of and 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. The Council approves the Tax Exemption as follows: Exemption from real property taxes, other than assessments for local improvements, of all of the value of the property included in the housing project (excluding those portions, if any, devoted to business or commercial use), commencing upon June 2, 1999 ("Effective Date") and terminating upon a date which is thirty two (32) years from the Effective Date ("Expiration Date"); provided, however, that such tax exemption shall terminate if the Department of Housing Preservation and Development determines that Sponsor is not organized as a housing development fund company, that Sponsor is not operating the housing project in accordance with the requirements of Article XI of the Private Housing Finance Law, or that Sponsor is not operating the housing project in accordance with the requirements of any agreements between Sponsor and the City of New York. 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 28, 2003, on file in this office. ............................................... City Clerk, Clerk of the Council