Res 1197-2016

By Council Member Ferreras-Copeland WHEREAS, the New York City Department of Housing Preservation and Development ("HPD") requested that the Council amend a previously approved tax exemption for property located at (Block 753, Lot 56) Manhattan ("Exemption Area"); WHEREAS, HPD's request for amendment is related to a previously approved Council Resolution adopted on October 29, 2015 (Res. 894) (the "Prior Resolution") granting the Exemption Area an exemption from real property taxation pursuant to Section 577 of the Real Property Tax Law; WHEREAS, HPD is requesting that the Prior Resolution be clarified to limit the time period for the calculation of the Shelter Rent Tax; RESOLVED: Pursuant to Section 577 of the Private Housing Finance Law, the Council approves the amendment to the Prior Resolution requested by HPD as follows: Paragraph 1(l) of the Prior Resolution is deleted and replaced with the following paragraph: 1. (l) "Shelter Rent Tax" shall mean an amount equal to (i) ten percent (10%) of Shelter Rent for calendar year 2015, plus (ii) an additional amount equal to twenty-five percent (25%) of the amount by which the total contract rents applicable to the Exemption Area for that year (as adjusted and established pursuant to Section 8 of the United States Housing Act of 1937, as amended), exceed the total contract rents which are authorized as of the Effective Date. 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 September 14, 2016, on file in this office. _______________________ City Clerk, Clerk of Council