Res 1053-2025

WHEREAS, the New York City Department of Housing Preservation and Development ("HPD") submitted to the Council its request dated July 24, 2025 that the Council amend a previously approved tax exemption for real property located at (Block 2851, Lot 29; Block 2852, Lot 27; Block 2879, Lots 121 and 123 (Tentative Lot 123); and Block 3180, Lot 9, the Bronx ("Exemption Area") pursuant to Section 577 of the Private Housing Finance Law; WHEREAS, the HPD's request for amendments is related to a previously approved resolution (Res. No. 750) (the "Prior Resolution"), granting the Exemption Area a real property tax exemption pursuant to Section 577 of the Private Housing Finance Law; WHEREAS, the Council has considered the financial implications relating to the Tax Exemption; RESOLVED: The Council approves the amendments to the Prior Resolution requested by HPD for the Exemption Area pursuant to Section 577 of the Private Housing Finance Law as follows: Paragraph 1, section j of the Prior Resolution is deleted in its entirety and replaced with the following: 1. j. "Regulatory Agreement" shall mean the regulatory agreement between HPD and the Owner that is executed on or after October 1, 2024, establishing certain controls upon the operation of the Exemption Area during the term of the Exemption on or after the date such Regulatory Agreement is executed. Paragraph 2 of the Prior Resolution is deleted in its entirety and replaced with the following: 2. 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 the Expiration Date. Except as specifically amended above, all other terms, conditions, provisions and requirements of the Prior Resolution remain in full force and effect. 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 10, 2025, on file in this office. _______________________ City Clerk, Clerk of Council