THE COUNCIL OF THE CITY OF NEW YORK

RESOLUTION NO. 228

Resolution approving an exemption from real property taxes for property located at 136-50 Flushing Avenue (Block 2033, Lot 1), Brooklyn, pursuant to Section 696 of the General Municipal Law (Preconsidered L.U. No.92).

By Council Member Recchia 

WHEREAS, the New York City Department of Housing Preservation and Development ("HPD") submitted to the Council its request dated August 17, 2009 that the Council take the following action regarding property located at 136-50 Flushing Avenue (Block 2033, Lot 1), Brooklyn  (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 May 12, 2010;

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:

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 of Section 691 of the General Municipal Law;

2.                     Approve the designation of the Disposition Area as an Urban Development Action Area pursuant to Section 693 of the General Municipal Law;

3.                     Approve the project as an Urban Development Action Area Project pursuant to Section 694 of the General Municipal Law; and

4.                     Approve the exemption of the portion of the project within the Exemption Area from real property taxes pursuant to Section 696 of the General Municipal Law as follows:

a.                     All of the value of the buildings, structures, and other improvements situated on the Exemption 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 date of issuance of the first temporary or permanent Certificate of Occupancy for a building located on the Exemption Area to the Sponsor, during the last ten years of which such exemption shall decrease in equal annual decrements.

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Reso. No. 228 (Preconsidered L.U. No. 92 )

                     b.                     The partial tax exemption granted hereunder shall terminate with respect to all or any portion of the Exemption 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 determination of noncompliance to the owner of such real property and all mortgagees 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 May 12, 2010 on file in this office.

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 City Clerk, Clerk of Council