§ 16-N*2 — Collection of payments in lieu of taxes pursuant to leases with respect to parcels within the Brooklyn bridge park civic project

New York § 16-N*2

• Jurisdiction: New York
• Law UDA: Urban Development Corporation Act 174/68

Text

* § 16-n. Collection of payments in lieu of taxes pursuant to leases\nwith respect to parcels within the Brooklyn bridge park civic project.\n(1) Definitions. As used in this section:\n (a) "tenant" shall mean any individual, partnership, trust, limited\nliability company, public or private corporation (including a\ncooperative housing corporation), or other entity holding the tenant's\ninterest in a residential lease;\n (b) "residential lease" shall mean a lease, sublease or other\nagreement that relates to any portion of the Brooklyn bridge park civic\nproject and is designed and intended for the purpose of providing\nhousing accommodations and such facilities as may be incidental thereto,\nthe lessor's interest in which is held by Brooklyn bridge park\ndevelopment corporation;\n (c) "underlying parcel" shall mean a parcel subject to a residential\nlease; provided, however, that in any case where the tenant's interest\nin a residential lease is held by a unit owner, "underlying parcel"\nshall mean the parcel in which the unit is included;\n (d) "unit owner" and "unit" shall have the meanings specified in\nsection three hundred thirty-nine-e of the real property law;\n (e) "parcel" shall have the meaning specified in section one hundred\ntwo of the real property tax law; provided, however, that in any case\nwhere the tenant's interest in a residential lease is held by a unit\nowner, "parcel" shall mean the real property deemed to be a parcel\npursuant to paragraph (a) of subdivision two of section three hundred\nthirty-nine-y of the real property law;\n (f) "Brooklyn bridge park" shall mean the park and facilities\nconsisting of approximately eighty-five acres in the city of New York,\ncounty of Kings, state of New York established pursuant to the Brooklyn\nbridge park civic project undertaken by Brooklyn bridge park development\ncorporation, a subsidiary of the corporation, but excluding the areas\nthereof developed or to be developed for private residential or\ncommercial use pursuant to a lease, sublease or similar agreement with\nBrooklyn bridge park development corporation which areas may be\ninclusive of any easement area granted in connection with such\ndevelopment;\n (g) "Brooklyn bridge park civic project" shall mean the park and\nfacilities consisting of approximately eighty-five acres in the city of\nNew York, county of Kings, state of New York established pursuant to the\nBrooklyn bridge park civic project and the general project plan adopted\nJuly twenty-sixth, two thousand five and affirmed as modified on January\neighteenth, two thousand six undertaken by Brooklyn bridge park\ndevelopment corporation, a subsidiary of the corporation, as such\ngeneral project plan may be further amended, modified or supplemented;\n (h) "qualified leasehold condominium" shall have the meaning specified\nin section three hundred thirty-nine-e of the real property law.\n (2) With respect to each underlying parcel which is owned in fee or\nleased pursuant to a ground lease by Brooklyn bridge park development\ncorporation and is exempt from real property taxes pursuant to this act\nor otherwise, the residential lease for such underlying parcel shall\nprovide for the payment by the tenant under such residential lease of\nannual or other periodic amounts equal to the amount of real property\ntaxes that otherwise would be paid or payable with respect to such\nunderlying parcel, after giving effect to any real property tax\nabatements and exemptions, if any, which would be applicable thereto, if\nBrooklyn bridge park development corporation was not the owner or lessee\nof the underlying parcel.\n (3) With respect to all parcels owned or leased by Brooklyn bridge\npark development corporation that do not constitute an underlying parcel\nand are exempt from real property taxes pursuant to this act or\notherwise, the lease, sublease or other agreement for such parcel or any\nportion thereof may provide for the payment by the lessee (or sublessee)\nunder such lease, sublease or other agreement of annual or other\nperiodic amounts in lieu of real property taxes that otherwise would be\npaid or payable with respect to such parcel, after giving effect to any\nreal property tax abatements and exemptions, if any, which would be\napplicable thereto, if Brooklyn bridge park development corporation was\nnot the owner or lessee of the parcel.\n (4) In addition, the lease, sublease or other agreement for each\nparcel or any portion thereof may provide for the payment of interest by\nthe unit owner and any lessee (or sublessee) of a parcel (or a portion\nthereof) for amounts overdue, as of the dates and in the same amounts\nprovided for the payment of overdue real property taxes in the city of\nNew York.\n (5) Payments received pursuant to this section, and all interest and\nearnings thereon, shall be:\n (a) from the period commencing on the effective date of this section\nuntil the twentieth anniversary thereof, used to improve, operate and\nmaintain the Brooklyn bridge park, unless otherwise agreed to be used\nfor the other purposes specified in paragraph (b) of this subdivision in\nsuch agreements as may from time to time be entered into among Brooklyn\nbridge park development corporation, the city of New York and the state\nof New York by an entity designated by the governor; and\n (b) from the twentieth anniversary of the effective date of this\nsection,\n (i) used to improve, operate and maintain the Brooklyn bridge park,\n (ii) set aside in appropriate and reasonable reserve accounts, taking\ninto account all other revenue received or anticipated by the Brooklyn\nbridge park development corporation from properties in the Brooklyn\nbridge park civic project, for expenses to be incurred for the purposes\nset forth in subparagraph (i) of this paragraph, or\n (iii) paid into the general fund of the city of New York to be used\nfor its general public purposes, all in accordance with such agreements\nas may from time to time be entered into among Brooklyn bridge park\ndevelopment corporation, the city of New York, and the state of New York\nby an entity designated by the governor.\n (6) Any state or city agency, department or authority to the extent\nauthorized under applicable law may render such services within their\nfunctions, such as the collection and enforcement of payments owed\npursuant to this section, as may be requested.\n (7) All leases shall permit the assignment by Brooklyn bridge park\ndevelopment corporation of its right, title and interest in such lease\nto the entity which (a) is designated to operate and maintain the\nBrooklyn bridge park and is an instrumentality of the state of New York\nor the city of New York, (b) enables each underlying parcel and the\nimprovements thereon to remain a qualified leasehold condominium and\nremain exempt from real property taxes, and (c) is authorized and\nrequired by applicable law to:\n (i) collect the annual or other periodic amounts that would have been\ncollected pursuant to this section had such assignment not been made;\nand\n (ii) demand from, and be entitled to, interest payments by the unit\nowner and any lessee (or sublessee) of a parcel (or portion thereof),\nfor such amounts past due, as of the dates and in the same amounts\nprovided for the payment of past due real property taxes in the city of\nNew York.\n * NB There are 2 § 16-n's\n