A Local Law to amend the administrative code of the city of New York, in relation to authorizing an increase in the amount to be expended annually in the Fulton Street business improvement district, an extension and modification of the boundaries of the Fulton Street business improvement district, and a change in the method of assessment upon which the district charge in the Fulton Street business improvement district is based

Int. No. 1029

By Council Member Ferreras-Copeland (by request of the Mayor)

A Local Law to amend the administrative code of the city of New York, in relation to authorizing an increase in the amount to be expended annually in the Fulton Street business improvement district, an extension and modification of the boundaries of the Fulton Street business improvement district, and a change in the method of assessment upon which the district charge in the Fulton Street business improvement district is based

Be it enacted by the Council as follows:

                     Section 1. The administrative code of the city of New York is amended by adding a new section 25-478.1 to read as follows:

§ 25-478.1 Fulton Street business improvement district; increase in the amount to be expended annually a. The city council having determined, pursuant to subdivision b of section 25-410 of chapter four of this title, that it is in the public interest to authorize an increase in the amount to be expended annually in the Fulton Street business improvement district beginning on July 1, 2015, and the council having determined further that the tax and debt limits prescribed in section 25-412 of chapter four of this title will not be exceeded by such increased expenditure, there is hereby authorized in such district an annual expenditure of five hundred thousand dollars ($500,000).

b. The amount of such expenditure to be levied upon each property in the district shall be determined in accordance with the method of assessment set forth in the Fulton Street business improvement district plan.

                     § 2. The administrative code of the city of New York is amended by adding a new section 25-478.2 to read as follows:

§ 25-478.2 Fulton Street business improvement district; extension and modification of district boundaries. a. The city council having determined, pursuant to section 25-407 of chapter four of this title: that notice of hearing for all hearings required to be held was published and mailed as required by law and was otherwise sufficient; that, except as otherwise provided in section 25-403 of chapter four of this title, all the real property within the boundaries of the district will benefit from the extension and modification of the district; that all the real property benefited is included within the limits of the district; and that the extension and modification of the district is in the public interest; and the council having determined further that the requisite number of owners have not objected as provided in section 25-406 of chapter four of this title, the Fulton Street business improvement district in the borough of Brooklyn is hereby extended and the boundaries modified. Such district extension and modification is in accordance with the amended district plan required to be filed with the city clerk pursuant to subdivision b of this section.

b. Immediately upon adoption of this local law by the council, the council shall file with the city clerk the amended district plan upon which the Fulton Street business improvement district, and the extension and modification thereof, is based.

c. The amended district plan shall not be further amended except in accordance with chapter four of this title.

§ 3. The administrative code of the city of New York is amended by adding a new section 25-478.3 to read as follows:

§ 25-478.3 Fulton Street business improvement district; amendment of the district plan. a. The city council having determined, pursuant to subdivision b of section 25-410 of chapter four of this title, that it is in the public interest to authorize a change in the method of assessment upon which the district charge in the Fulton Street business improvement district is based, and the council having determined further that the tax and debt limits prescribed in section 25-412 of chapter four of this title will not be exceeded by such change, there is hereby authorized in such district such change as is set forth in the amended district plan required to be filed with the city clerk pursuant to subdivision b of this section.

b. Immediately upon adoption of this local law, the council shall file with the city clerk the amended district plan containing the change in the method of assessment authorized by subdivision a of this section.

§ 4. This local law takes effect upon compliance with section 25-408 of chapter 4 of title 25 of the administrative code of the city of New York and is retroactive to and deemed to have been in full force and effect as of July 1, 2015, provided that sections one and three of this local law take effect immediately and are retroactive to and deemed to have been in full force and effect as of July 1, 2015.