Res 1298-2020

By Council Members Salamanca and Adams WHEREAS, the New York City Department of Housing Preservation and Development ("HPD") submitted to the Council on February 25, 2020 its request dated February 21, 2020 that the Council approve an amendment (the "Amended Tax Exemption") to a previously approved real property tax exemption pursuant to Section 577 of the Private Housing Finance Law (City Council Resolution No. 819; L.U. No. 347, approved March 28th, 2019, (hereinafter, the "Prior Resolution") for property located at Block 426, Lot 22; Block 445, Lot 42; Block 459, Lots 14, 15, 16, 36, 37, 38, 39, 43, and 45; Block 460, Lots 35, 48, 49, 50, 51, 52, 53, 54, 55, and 59, Community District 3, Borough of Manhattan. WHEREAS, upon due notice, the Council held a public hearing on the Amended Tax Exemption on February 26, 2020; and WHEREAS, the Council has considered the land use and financial implications and other policy issues relating to the Amended Tax Exemption. RESOLVED: The Council approves the amendment of the Prior Resolution by adding the following definition j to paragraph 1 and by deleting paragraph 3 thereof and replacing it with the following: 1.j. "Community Facility Space" shall mean those portions of the Exemption Area which the Regulatory Agreement requires to be devoted solely to community facility uses. 3. All of the value of the property in the Exemption Area, including both the land and any improvements (excluding those portions, if any, devoted to business or commercial use other than the Community Facility Space), shall be exempt from real property taxation, other than assessments for local improvements, for a period commencing upon the Effective Date and terminating upon Expiration Date. 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 April 22, 2020, on file in this office. ................................................... City Clerk, Clerk of The Council Page 2 of 2 20205357 HAM Res. No. 1298 (Pre. L.U. No. 640)