Res 0369-2018

By Council Member Dromm 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 2422, Lot 30) Bronx ("Exemption Area"); WHEREAS, HPD's March 16, 2018 request for amendment is related to a previously approved Council Resolution adopted on December 15, 2016 (Res. 1335) (the "Prior Resolution") granting the Exemption Area an exemption from real property taxation pursuant to Section 577 of the Private Housing Finance Law; WHEREAS, HPD is requesting that the Prior Resolution be amended to allow for retroactive tax benefits and to extend the duration of the exemption to further help facilitate the project; 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: Paragraphs 1a and 1c of the Prior Resolution are deleted and replaced with the following paragraphs: 1. a. "Effective Date" shall mean October 1, 2011. c. "Expiration Date" shall mean the earlier to occur of (i) a date which is forty (40) years from the Effective Date, (ii) the date of the expiration or termination of the Regulatory Agreement, or (iii) the date upon which the Exemption Area ceases to be owned by either a housing development fund company or an entity wholly controlled by a housing development fund company. 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 23, 2018, on file in this office. _______________________ City Clerk, Clerk of Council