Int. No. 429

By Council Members Provenzano, Comrie and Koppell (by request of the Mayor)

A Local Law to amend the administrative code of the city of New York, in relation to area eligibility limitations on benefits pursuant to section 421-a of the real property tax law.

Be it enacted by the Council as follows:

Section 1.  Subdivision (a) of section 11-245 of the administrative code of the city of New York, as amended by local law number 28 for the year 2000, is amended to read as follows: 

(a) No benefits under section four hundred twenty-one-a of the real property tax law shall be conferred for any construction commenced on or after November twenty-ninth, nineteen hundred eighty-five and prior to [July first, two thousand three] December thirty-first, two thousand seven for any tax lots now existing or hereafter created which are located entirely within the geographic area bounded and described as follows: BEGINNING at the intersection of the bulkhead line in the Hudson River and 96th street extended; thence easterly to 96th street and continuing along 96th street to its easterly terminus; thence easterly to the intersection of 96th street extended and the bulkhead line in the East River; thence southerly along said bulkhead line to the intersection of said bulkhead line and 14th street extended; thence westerly to 14th street and continuing along 14th street to Broadway; thence southerly along Broadway to Houston street; thence westerly along Houston street to Thompson street; thence southerly along Thompson street to Spring street; thence westerly along Spring street to Avenue of the Americas; thence northerly along Avenue of the Americas to Vandam street; thence westerly along Vandam street to Varick street; thence northerly along Varick street to Houston street; thence westerly along Houston street and continuing to its westerly terminus; thence westerly to the intersection of Houston street extended and the bulkhead line in the Hudson River; thence northerly along said bulkhead line to the intersection of said bulkhead line and 11th avenue extended; thence northerly to 11th avenue and continuing along 11th avenue to 14th street; thence easterly along 14th street to 10th avenue; thence northerly along 10th avenue to 28th street; thence easterly along 28th street to 9th avenue; thence northerly along 9th avenue to 33rd street; thence easterly along 33rd street to 8th avenue; thence northerly along 8th avenue to 34th street; thence easterly along 34th street to 7th avenue; thence northerly along 7th avenue to 41st street; thence westerly along 41st street and continuing to its westerly terminus; thence westerly to the intersection of 41st street extended and the bulkhead line in the Hudson River; thence northerly along said bulkhead line to the place of beginning.

§ 2.  Subdivision (c) of section 11-245 of the administrative code of the city of New York, as amended by local law number 76 for the year 1999, is amended to read as follows:

(c) No benefits under section four hundred twenty-one-a of the real property tax law shall be conferred for any construction commenced on or after November twenty-ninth, nineteen hundred eighty-five of any multiple dwelling, or portion thereof, which is located within any district in the county of New York where a maximum base floor area ratio, as that term is defined in the zoning resolution, of fifteen or greater was permitted as of right by provisions of such resolution in effect on April fourteenth, nineteen hundred eighty-two; provided, however, that this limitation on benefits shall not apply to any such construction commenced on or after October first, nineteen hundred ninety-three and before [October first, two thousand three]  December thirty-first, two thousand seven.

§ 3.  This local law shall take effect immediately.  .