Res 0515-2026

Preconsidered Res. No. 515 ..Title Resolution approving an exemption from real property taxes for property located at Block 1433, Lot 43, Brooklyn, pursuant to Section 577 of the Private Housing Finance Law (Preconsidered L.U. No. 82) ..Body By Council Member Lee WHEREAS, The New York City Department of Housing Preservation and Development ("HPD") submitted to the Council its request dated May 14, 2026, that the Council take the following action regarding a housing project located at Block 1433, Lot 43, Brooklyn: Approve an exemption of the Project from real property taxes pursuant to Section 577 of the Private Housing Finance Law; WHEREAS, The project description that HPD provided to the Council states that the purchaser of the Project is a duly organized housing development fund company under Article XI of the Private Housing Finance Law; WHEREAS, The Council has considered the financial implications relating to the requested tax exemption; now, therefore, be it RESOLVED: 1. For the purposes hereof, the following terms shall have the following meanings: a. "Effective Date" shall mean the date that HPD and the Owner enter into the Regulatory Agreement. b. "Exemption Area" shall mean the real property located in the Borough of Brooklyn, City and State of New York, identified as Block 1433, Lot 43 on the Tax Map of the City of New York. 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. d. "HDFC" shall mean NY Pacific Street Housing Development Fund Corporation or a housing development fund company that acquires the Exemption Area with the prior written consent of HPD. e. "HPD" shall mean the Department of Housing Preservation and Development of the City of New York. f. "New Exemption" shall mean the exemption from real property taxation provided hereunder with respect to the Exemption Area. g. "Owner" shall mean the HDFC. h. "Prior Exemption" shall mean the exemption from real property taxation for the Exemption Area approved by the New York City Council on October 15, 2003 (Resolution No. 1117). i. "Regulatory Agreement" shall mean the regulatory agreement between HPD and the Owner that is executed on or after May 1, 2026 and that establishes certain controls upon the operation of the Exemption Area. 2. The Prior Exemption shall terminate with respect to the Exemption Area upon the Effective Date. 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, commercial, or community facility use), 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. 4. Notwithstanding any provision hereof to the contrary: a. The New Exemption shall terminate if HPD determines at any time that (i) the Exemption Area is not being operated in accordance with the requirements of Article XI of the Private Housing Finance Law, (ii) the Exemption Area is not being operated in accordance with the requirements of the Regulatory Agreement, (iii) the Exemption Area is not being operated in accordance with the requirements of any other agreement with, or for the benefit of, the City of New York, (iv) any interest in the Exemption Area is conveyed or transferred to a new owner without the prior written approval of HPD, or (v) the construction or demolition of any private or multiple dwelling on the Exemption Area has commenced without the prior written consent of HPD. HPD shall deliver written notice of any such determination to Owner and all mortgagees of record, which notice shall provide for an opportunity to cure of not less than sixty (60) days. If the noncompliance specified in such notice is not cured within the time period specified therein, the New Exemption shall prospectively terminate. b. The New Exemption shall apply to all land in the Exemption Area, but shall only apply to a building on the Exemption Area that exists on the Effective Date. c. Nothing herein shall entitle the HDFC, the Owner, or any other person or entity to a refund of any real property taxes which accrued and were paid with respect to the Exemption Area prior to the Effective Date. d. All previous resolutions, if any, providing an exemption from or abatement of real property taxation with respect to the Exemption Area are hereby revoked with respect to the Exemption Area as of the Effective Date. 5. In consideration of the New Exemption, the owner of the Exemption Area shall, for so long as the New Exemption shall remain in effect, waive the benefits of any additional or concurrent exemption from or abatement of real property taxation which may be authorized under any existing or future local, state, or federal law, rule, or regulation. Notwithstanding the foregoing, nothing herein shall prohibit the granting of any real property tax abatement pursuant to Sections 467-b or 467-c of the Real Property Tax Law to real property occupied by senior citizens or persons with disabilities. 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 June 11, 2026, on file in this office. _______________________ City Clerk, Clerk of Council 4