Preconsidered Res. No. 1215 Title Resolution approving the granting of an exemption from real property taxes pursuant to section 420-a of the real property tax law, for the 1989 assessment roll for the parcel owned by Bais Yaakov D'Chassidei Gur known as 1975 51st Street in the City of New York, borough of Brooklyn, being designated on the tax map as block 5462, lot 45 in such borough, and the cancellation of taxes, fines, penalties and interest remaining unpaid, and the making of appropriate correction of the subject assessment roll, if, upon accepting and reviewing the application or renewal application for such exemption, the Department of Finance is satisfied that such corporation or association would otherwise be entitled to such exemption if it had filed such application for exemption by the appropriate taxable status date, in accordance with Chapter 365 of the laws of 2003. Body By Council Members Weprin, Felder and Nelson WHEREAS, In accordance with Chapter 365 of the laws of 2003, Bais Yaakov D'Chassidei Gur, a corporation or association organized or conducted exclusively for religious or educational purposes or both, has submitted to the Department of Finance an application or renewal application for exemption from real property taxes pursuant to section 420-a of the real property tax law for the 1989 assessment roll, for the parcel owned by such corporation or association known as 1975 51st Street in the City of New York, borough of Brooklyn, designated on the tax map as block 5462, lots 45 in such borough and which was acquired by such corporation or association on August 24, 1989; and WHEREAS, Chapter 365 of the laws of 2003 provides that such application, if accepted, shall be reviewed by the Department of Finance as if it had been received on or before the taxable status date for the 1989 assessment roll; and WHEREAS, Such Chapter also provides that if such corporation or association would otherwise be entitled to such exemption had such corporation or association filed such application or renewal application for exemption by the appropriate taxable status date, then the Commissioner of the Department of Finance, upon approval by the Council of the City of New York, may grant such exemption from all taxation with respect to the subject taxable assessment roll due and owing on the effective date of such chapter law, and cancel taxes, fines, penalties and interest remaining unpaid, and make appropriate correction of the subject assessment roll; and WHEREAS, Such Chapter further provides that the Commissioner of the Department of Finance, upon approval of the Council of the City of New York, may grant exemption from all taxes calculated and due on or after the acquisition date of the property by such synagogue and make appropriate correction to the subject assessment roll on condition that the Department of Finance refund to any purchaser of a lien on such parcel the amount of any consideration paid to Kings County for the purchase of such tax lien, along with reasonable interest paid on such consideration, and costs necessarily incurred in connection with such purchase, and costs necessarily incurred in connection with the reconveyance therof to Kings County; now therefore be it RESOLVED, That the Council of the City of New York hereby approves the granting of an exemption from real property taxes pursuant to section 420-a of the real property tax law, for the 1989 assessment roll for the parcel owned by Bais Yaakov D'Chassidei Gur known as 1975 51st Street in the City of New York, borough of Brooklyn, being designated on the tax map as block 5462, lot 45 in such borough, and the cancellation of taxes, fines, penalties and interest remaining unpaid, and the making of appropriate correction of the subject assessment roll, if, upon accepting and reviewing the application or renewal application for such exemption, the Department of Finance is satisfied that such corporation or association would otherwise be entitled to such exemption if it had filed such application for exemption by the appropriate taxable status date, in accordance with Chapter 365 of the laws of 2003.