Res 0495-2018

By Council Members Salamanca and Moya WHEREAS, the City Planning Commission filed with the Council on July 13, 2018 its decision dated July 11, 2018 (the "Decision"), on the application (the "Application") submitted by the New York City Department of Housing Preservation and Development ("HPD") regarding city-owned property located at 263-267 West 126th Street (Block 1932, Lots 5, 7, and 107 (the "Disposition Area"), approving: a) pursuant to Article 16 of the General Municipal Law of New York State the designation of Disposition Area as an Urban Development Action Area; b) pursuant to Article 16 of the General Municipal Law of New York State an Urban Development Action Area Project for the Disposition Area (the "Project"); and c) pursuant to Section 197-c of the New York City Charter the disposition of the Disposition Area to a developer to be selected by the New York City Department of Housing Preservation and Development; to facilitate a seven-story building containing residential, community facility and commercial space, Community District 10, Borough of Manhattan, (ULURP No. C 180249 HAM); WHEREAS, the Decision is subject to review and action by the Council pursuant to Section 197-d(b)(1) of the City Charter; WHEREAS, the Application and Decision are subject to review and action by the Council pursuant to Article 16 of the General Municipal Law of New York State; WHEREAS, by letter dated July 5, 2018 and submitted to the Council on July 9, 2018, HPD submitted its requests (the "HPD Requests") respecting the Application including the submission of the project summary for the Project (the "Project Summary"); WHEREAS, upon due notice, the Council held a public hearing on the Application and Decision and the HPD Requests on July 17, 2018; WHEREAS, the Council has considered the land use and financial implications and other policy issues relating to the Application; and WHEREAS, the Council has considered the relevant environmental issues, including the negative declaration (CEQR No. 18HPD034M) issued on February 7, 2018 (the "Negative Declaration"); RESOLVED: The Council finds that the action described herein will have no significant impact on the environment as set for in the Negative Declaration. Pursuant to Section 197-d of the New York City Charter, based on the environmental determination and the consideration described in the report (C 180249 HAM) and incorporated by reference herein, the Council approves the Decision of the City Planning Commission and the HPD Requests. The Council finds that the present status of the Disposition Area tends to impair or arrest the sound growth and development of the City of New York and that a designation of the Project as an urban development action area project is consistent with the policy and purposes stated in Section 691 of the General Municipal Law. The Council approves the designation of the Disposition Area as an urban development action area pursuant to Section 693 of the General Municipal Law. The Council approves the Project as an urban development action area project pursuant to Section 694 of the General Municipal Law and subject to the terms and conditions of the Project Summary. The Project shall be developed in a manner consistent with Project Summary submitted by HPD, a copy of which is attached hereto and made a part hereof. The Council approves the disposition of the Disposition Area pursuant to Section 197-d of the New York City Charter, to a developer to be selected by HPD for the development of the Project consistent with the Project Summary. 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 August 8, 2018, on file in this office. .................................................. City Clerk, Clerk of The Council PROJECT SUMMARY 1. PROGRAM: NEIGHBORHOOD CONSTRUCTION PROGRAM 2. PROJECT: Balton Commons 3. LOCATION: a. BOROUGH: Manhattan b. COMMUNITY DISTRICT: 10 c. COUNCIL DISTRICT: 09 d. DISPOSITION AREA: BLOCK LOT(S) ADDRESS(ES) 1932 5, 7, 107 263-267 West 126th Street 4. BASIS OF DISPOSITION PRICE: Nominal. Sponsor will pay one dollar per lot and deliver a note and mortgage for the remainder of the appraised value ("Land Debt"). For a period of at least thirty (30) years following completion of construction, the Land Debt will be repayable out of resale or refinancing profits. The remaining balance, if any, may be forgiven at the end of the term. 5. TYPE OF PROJECT: New Construction 6. APPROXIMATE NUMBER OF BUILDINGS: One 7. APPROXIMATE NUMBER OF UNITS: 36 dwelling units (+1 Super unit) 8. HOUSING TYPE: Rental 9. ESTIMATE OF INITIAL RENTS Rents will be affordable to families with incomes between 30% and 90% of area median income (AMI). All units will be subject to rent stabilization. 10. INCOME TARGETS 30% to 100% of AMI. 11. PROPOSED FACILITIES: Approximately 6,000 square feet of commercial space Approximately 1,400 square feet of community facility space 12. PROPOSED CODES/ORDINANCES: None 13. ENVIRONMENTAL STATUS: Negative Declaration 14. PROPOSED TIME SCHEDULE: Approximately 24 months from closing to completion of construction Page 2 of 5 C 180249 HAM Res. No. 495 (L.U. No. 156)