LOCAL LAW
BY COUNCIL PRESIDENT COLLINS-BELLAMY, MAJORITY LEADER RUBBO, MAJORITY WHIP ROBINSON, MINORITY LEADER BREEN, COUNCILMEMBERS, PINEDA -ISAAC, DIAZ AND MERANTE:
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LOCAL LAW AUTHORIZING THE SALE OF CITY-OWNED PROPERTY AT 337 SOUTH BROADWAY TO THE CITY OF YONKERS INDUSTRIAL DEVELOPMENT AGENCY FOR THE DEVELOPMENT OF MIXED INCOME HOUSING AND PUBLIC PARKING IMPROVEMENTS
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Be it enacted by the City Council of the City of Yonkers, as follows:
Section 1. General City Law, Section 23 and Second Class Cities Law, Section 37 are hereby superseded to the extent herein, provided as follows:
the City Council of the City of Yonkers hereby authorizes the Mayor to transfer by deed (the "City Deed"), in a form acceptable to the Corporation Counsel, the property located at 337 South Broadway, identified on the Official Tax Map of the City of Yonkers (the "City") as Section 1, Block 161, Lot 32 (the "Property"), to the City of Yonkers Industrial Development Agency (the "Agency") in accordance herewith.
Section 2. It is acknowledged and agreed that the Agency contemplates a further transfer of the Property, by deed (the "Agency Deed"), to SB Yonkers Realty LLC or an affiliated entity ("SB Yonkers"). Such further transfer by the Agency shall include the below terms as express conditions in connection with any land disposition agreement ("LDA") entered into in furtherance of such transfer:
(A) Project. SB Yonkers will construct, or cause the construction of, certain improvements on the Property and certain parcels adjacent thereto (collectively the "Site"). The Project shall include: (a) the demolition of all structures or other improvements currently on the Site; (b) the construction of a mixed use building consisting of approximately (i) 185 mixed-income multifamily apartments, (ii) 10,600 square feet of ground floor commercial space , and (iii) a 324 space parking structure (the "New Garage") that will serve building residen...
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