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 General City Law, Section 23 and Second Class Cities Law, Section 37 are hereby superseded to the extent herein, provided as follows: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 residents and include the Municipal Improvements (as defined herein); and (c) the replacement of the seventy-two (72) municipal parking spaces currently on the Property with at least seventy-two (72) spaces in the New Garage, plus up to an additional twenty eight (28) spaces in the New Garage (the “Municipal Improvements”), to be operated by the Yonkers Parking Authority or as otherwise agreed to. If applicable, the Municipal Improvements shall comply with New York Labor Law 224-a (prevailing wage requirements).
(B) Purchase Price. The City shall receive the fair market value of the Property, which shall be determined by an appraisal commissioned by the City, which cost thereof shall be added to the appraised value of the Property. At closing, the Agency shall provide SB Yonkers with a Purchase Money Mortgage for ninety (90%) percent of the purchase price of the Property, which mortgage shall be forgiven upon tender to the City, as third party beneficiary, of a permanent easement interest (the “City Use Easement”), without consideration, in the New Garage, sufficient for the operation of the Municipal Improvements, as determined by the City.
(C) Environmental Remediation: SB Yonkers shall be responsible for all environmental remediation costs and expenses that may arise in connection with the development of the Project on the Property. At closing, SB Yonkers will provide to the Agency and City environmental insurance in the minimum amount of $2,000,000 or as otherwise may be required by the City or Agency.
(D) State Environmental Quality Review Act (“SEQRA”). SB Yonkers shall be responsible, at its sole cost and expense, for preparing all materials and studies required for compliance with SEQRA in connection with the Project or the Municipal Improvements, as applicable.
(E) Indemnification. SB Yonkers shall indemnify, defend, and hold harmless the Agency and the City from any and all liabilities, losses, damages, penalties, judgments, awards, claims, demands, costs and/or expenses arising in connection with the LDA.
(F) Temporary off-site municipal parking location. Prior to closing, SB Yonkers shall secure written executed agreements with the relevant parties to accommodate, during the development and construction of the Project, the seventy-two (72) municipal parking spaces currently in use on the Property at alternate locations within reasonable distance from the Property. Said agreements shall subject to City approval.
(G) Right of Reverter. The City Deed and the Agency Deed shall each include a reverter provision which shall generally provide that in the event that the Property is not developed, or the City Use Easement is not granted, as provided herein within five (5) years of the date of the Property’s transfer to SB Yonkers, the title conveyed pursuant to the City Deed and the Agency Deed shall revert to the City, and the Corporation Counsel may, if required, institute an action in the New York State Supreme Court for a judgment declaring a revesting of such title in the City of Yonkers.
Section 3. The Corporation Counsel is authorized to include, in the City Deed and the Agency Deed, such other terms and conditions which are in the best interest of the City, including making any change or amendment deemed necessary to effectuate the purposes thereof.
Section 4. The Mayor, or his authorized designee is hereby empowered to execute all instruments and take all actions reasonable and necessary to effectuate the purposes hereof.
Section 5. This local law shall take effect as provided by law.