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Under the proposed Zoning Resolution text amendment, transfers of development rights from landmarked buildings in the East Midtown Subdistrict would generate a contribution, based upon a percentage of the sale price of the development rights, to the Public Realm Improvement Fund (“Fund”). This bill would require the Department of Finance (“DOF”) to audit Real Property Transfer Tax returns filed for transfers of development rights within the East Midtown Subdistrict, if the text amendment is adopted. Audited parties would be required to make available to DOF all relevant books and records upon request. DOF would be required to submit copies of such audits to the Speaker of the Council no later than 10 days after completion.

  • Filed (End of Session)

History

City Council
Filed (End of Session)
City Council
Introduced by Council
City Council
Referred to Comm by Council

Int. No. 1631

 

By Council Member Garodnick

 

A Local Law to amend the administrative code of the city of New York, in relation to requiring the department of finance to conduct audits related to certain transfers of development rights within the east midtown subdistrict

 

Be it enacted by the Council as follows:

 

                     Section 1. Chapter 21 of title 11 of the administrative code of the city of New York is amended by adding a new section 11-2120 to read as follows:

                     § 11-2120 Audit of returns. a. Definitions. For the purposes of this section, the following terms have the following meanings:

                     Development rights. The term “development rights” means the floor area, as such term is defined in section 12-10 of the zoning resolution, permitted to a zoning lot under the zoning resolution.

East midtown subdistrict. The term “east midtown subdistrict” has the same meaning as is ascribed to such term in section 81-04 of the zoning resolution or a successor provision.

                     Return. The term “return” means a real property transfer tax return, and any accompanying documents required by the return, that is filed with the commissioner of finance pursuant to section 11-2105.

                     Transfer of development rights. The term “transfer of development rights” means the transfer of unused development rights from one zoning lot to another zoning lot.

Zoning lot. The term “zoning lot” has the same meaning as is ascribed to such term in section 12-10 of the zoning resolution.

b. The commissioner of finance shall audit all returns filed for transfers of development rights within the east midtown subdistrict pursuant to section 81-642 of the zoning resolution or a successor provision.

1. The commissioner of finance shall commence such audit no later than 30 days after receipt of an applicable return.

2. The commissioner shall submit to the speaker of the council a copy of each such audit no later than 10 days after completion.

c. Any grantor or grantee listed in a return that is subject to audit pursuant to subdivision b of this section shall make available to the commissioner of finance all books and records relevant to such audit upon request.

§ 2. This local law takes effect on the same date as a text amendment to the zoning resolution establishing the east midtown subdistrict, as proposed in ULURP Application No. N 170186 ZRM or ULURP Application No. N 170186A ZRM, takes effect.

 

 

 

ML

LS #10390

6/2/17