New York City Council Header
File #: Res 0709-2004    Version: * Name: LU 318 - Partnership New Homes Program, Stebbins/Bristow, Bronx, Community District 3.
Type: Resolution Status: Adopted
Committee: Committee on Finance
On agenda: 12/7/2004
Enactment date: Law number:
Title: Resolution approving an exemption from real property taxes pursuant to Section 696 of the General Municipal Law for property located in the Bronx, Community District 3 and designated as the Stebbins/Bristow project of the Partnership New Homes Program (L.U. No. 318).
Sponsors: David I. Weprin
Council Member Sponsors: 1
Attachments: 1. Committee Report, 2. Appendix A, 3. Hearing Transcript - Stated Meeting - 12/7/04

THE COUNCIL OF THE CITY OF NEW YORK

RESOLUTION NO. 709

 

Resolution approving an exemption from real property taxes pursuant to Section 696 of the General Municipal Law for property located in the Bronx, Community District 3 and designated as the Stebbins/Bristow project of the Partnership New Homes Program  (L.U. No. 318).

 

By Council Member Weprin

 

WHEREAS, the New York City Department of Housing Preservation and Development ("HPD") submitted to the Council its request dated October 18, 2004 that the Council take the following action regarding property listed in the attached Appendix A (the “Disposition Area”), which is located in the Bronx, Community District 3 and designated as the Stebbins/Bristow Project of the Partnership New Homes Program (the "Project"):

 

Approve an exemption of the Project from real property taxes pursuant to Section 696 of the General Municipal Law (the "Tax Exemption");

 

WHEREAS, the Council held a hearing on the Project on December 7, 2004;

 

WHEREAS, the Council has considered the financial implications relating to the Tax Exemption;

 

RESOLVED:

 

The Council hereby approves, pursuant to Section 696 of the General Municipal Law, a Tax Exemption for the Project as follows:

 

All of the value of the buildings, structures, and other improvements situated on the Disposition Area shall be exempt from local and municipal taxes, other than assessments for local improvements and land value, for a period of twenty years commencing on the July 1st following the conveyance of the Disposition Area to the Sponsor, during the last ten years of which such exemption shall decrease in equal annual decrements.

 

The partial tax exemption granted hereunder shall terminate with respect to all or any portion of the Disposition Area if the Department of Housing Preservation and Development determines that such real property has not been, or is not being, developed, used, and/or operated in compliance with the requirements of all applicable agreements made by the Sponsor or the owner of such real property with, or for the benefit of, the City of New York.  The Department of Housing Preservation and Development shall deliver written notice of any such

 

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Reso. No. 709 L.U. No. 318)

 

determination of noncompliance to the owner of such real property and all mortgages of record, which notice shall provide for an opportunity to cure of not less than ninety (90) days.  If the noncompliance specified in such notice is not cured within the time period specified therein, the partial tax exemption granted hereunder shall prospectively terminate with respect to the real property specified therein.

 

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 December 7, 20040 on file in this office.

 

 

 

 

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 City Clerk, Clerk of Council