The New York City Council - File #: Res 1032-2019

• File #: Res 1032-2019
• Version: *
• Name: LU 504 - Langsam 4, Bronx
• Type: Resolution
• Status: Adopted
• Committee: Committee on Finance
• On agenda: 8/14/2019
• Title: Resolution approving an amendment to a previously approved real property tax exemption pursuant to Section 577 of the Private Housing Finance Law for property located at (Block 2870, Lot 61), Bronx (Preconsidered L.U. No. 504).
• Sponsors: Daniel Dromm
• Council Member Sponsors: 1

Date	Ver.	Prime Sponsor	Action By	Action	Result
8/14/2019	*	Daniel Dromm	City Council	Approved, by Council	Pass
8/14/2019	*	Daniel Dromm	Committee on Finance	P-C Item Approved by Comm

THE COUNCIL OF THE CITY OF NEW YORK

RES. NO. 1032

Resolution approving an amendment to a previously approved real property tax exemption pursuant to Section 577 of the Private Housing Finance Law for property located at (Block 2870, Lot 61), Bronx (Preconsidered L.U. No. 504).

By Council Member Dromm

WHEREAS, the New York City Department of Housing Preservation and Development (“HPD”) submitted to the Council its request dated August 9, 2019 that the Council amend a previously approved tax exemption for real property located at (Block 2870, Lot 61), 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 Resolution adopted by City Council on December 20, 2018 (Resolution 687) (the “Prior Resolution”), attached hereto as Exhibit A, 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:

Provision 1.h of the Prior Resolution is deleted and replaced with the following:

1. h.                      “Gross Rent Tax” shall mean, with respect to any tax year, an amount equal to one and one-fourth percent (1.25%) of the Gross Rent in such tax year; provided, however, that if the Owner fails to provide the Gross Rent on or before the Gross Rent Deadline, Gross Rent Tax shall mean an amount equal to real property taxes that would otherwise be due in such tax year in the absence of any form of exemption from or abatement of real property taxation.

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 August 14, 2019, on file in