File #: Res 1508-2008    Version: * Name: LU 815 - New Foundations Program, POKO South Bronx Condominiums I, 1434-8 Morris Ave, Bronx, CD#16.
Type: Resolution Status: Adopted
Committee: Committee on Finance
On agenda: 6/29/2008
Enactment date: Law number:
Title: Resolution approving an exemption from real property taxes for property located at 1434-8 Morris Avenue (Block , Lot ), The Bronx, pursuant to Section 696 of the General Municipal Law (Preconsidered L.U. No. 815).
Sponsors: David I. Weprin
Council Member Sponsors: 1
Attachments: 1. Memorandum, 2. Hearing Transcript - Recessed Stated Meeting 6-23-08, 3. Hearing Transcript - Stated Meeting 6-29-08

THE COUNCIL OF THE CITY OF NEW YORK

RESOLUTION NO. 1508

 

Resolution approving an exemption from real property taxes for property located at 1434-8 Morris Avenue (Block , Lot ), The Bronx, pursuant to Section 696 of the General Municipal Law (Preconsidered L.U. No. 815).

 

By Council Member Weprin

 

WHEREAS, the New York City Department of Housing Preservation and Development ("HPD") submitted to the Council its request dated May 28, 2007 that the Council take the following action regarding property located at 1434-8 Morris Avenue (Block , Lot ), The Bronx  (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 project description that HPD provided to the Council states that the Sponsor of the properties (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 28, 2007;

 

 

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 in the Project 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 Project to the Sponsor, during the last ten years of which such exemption shall decrease in equal annual decrements.

 

 

 

 

 

 

Page 2 of 2

Reso. No. 1508 (Preconsidered L.U. No. 815)

 

The partial tax exemption granted hereunder shall terminate with respect to all or any portion of the Project 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 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 June 25, 2008 on file in this office.

 

 

 

 

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 City Clerk, Clerk of Council