File #: Res 1870-2021    Version: * Name: Supporting an undertaking, subject to appropriation, to pay an entity an amount equivalent to any shortfall in loan payments by taxi medallion owners who have restructured their debt pursuant to the taxi medallion owner relief program.
Type: Resolution Status: Adopted
Committee: Committee on Finance
On agenda: 12/15/2021
Enactment date: Law number:
Title: Resolution supporting an undertaking, subject to appropriation, to pay an entity an amount equivalent to any shortfall in loan payments by taxi medallion owners who have restructured their debt pursuant to the taxi medallion owner relief program
Sponsors: Brad S. Lander
Council Member Sponsors: 1
Attachments: 1. Res. No. 1870, 2. Committee Report, 3. Hearing Transcript, 4. December 15, 2021 - Stated Meeting Agenda with Links to Files
Date Ver.Prime SponsorAction ByActionResultAction DetailsMeeting DetailsMultimedia
12/15/2021*Brad S. Lander City Council Approved, by CouncilPass Action details Meeting details Not available
12/15/2021*Brad S. Lander City Council Referred to Comm by Council  Action details Meeting details Not available
12/15/2021*Brad S. Lander City Council Introduced by Council  Action details Meeting details Not available
12/15/2021*Brad S. Lander Committee on Finance Hearing on P-C Item by Comm  Action details Meeting details Not available
12/15/2021*Brad S. Lander Committee on Finance P-C Item Approved by CommPass Action details Meeting details Not available

Preconsidered Res. No. 1870

 

Resolution supporting an undertaking, subject to appropriation, to pay an entity an amount equivalent to any shortfall in loan payments by taxi medallion owners who have restructured their debt pursuant to the taxi medallion owner relief program

 

By Council Member Lander

                     Whereas, The Council and the Administration are in agreement that providing relief to the owners of taxi medallions who are currently unable to make debt service payments on loans incurred to purchase such medallions is a matter of public importance; and

Whereas, The Fiscal 2021 budget included $65 million in grants to assist in the restructuring of such loans such that the amount owed for each medallion will be reduced to $170,000 (“Restructured Loans”); and

                     Whereas, The Fiscal 2022 budget includes an additional $50 million in grants to be paid to an entity identified by the City to be used to cover shortfalls in payments by obligors on such Restructured Loans; and

                     Whereas, In implementing this medallion loan restructuring program, the City may need to undertake, subject to appropriation, additional amounts in order for the entity to cover shortfalls in payments on such Restructured Loans; now, therefore, be it

                     Resolved, That the Council of the City of New York hereby supports an undertaking by the City, subject to appropriation by the Council in accordance with the Charter, to pay to an entity identified by the City an amount equivalent to any shortfall in loan payments by taxi medallion owners with Restructured Loans to the extent such shortfall is not covered by the sale of medallions following such defaults or funds available from previous appropriations of the Council for such purpose.

LS 18,380

NB 12/13/21

8:37pm