SPECIAL ORDINANCE
BY COUNCIL PRESIDENT COLLINS-BELLAMY, MAJORITY LEADER RUBBO, MAJORITY WHIP NORMAN, MINORITY LEADER BREEN, COUNCILMEMBERS, PINEDA-ISAAC, DIAZ AND HODGES:
TO APPROVE AN AMENDMENT TO THE PREVIOUSLY AMENDED ARTICLE II AND ARTICLE XI EXEMPTION AGREEMENT, DATED AUGUST 25, 2017, BETWEEN THE CITY OF YONKERS AND THE MUNICIPAL HOUSING AUTHORITY FOR THE CITY OF YONKERS AND AUTHORIZING A THREE-YEAR ABATEMENT OF PAYMENTS IN LIEU OF TAXES.
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BE IT ORDAINED, by the City Council of the City of Yonkers as follows:
Section 1.The City Council hereby approves an Agreement authorizing an amendment (the “Amendment”) to the previously Amended Article II and Article XI Exemption Agreement (the “Exemption Agreement”), last amended August 25, 2017, between the City of Yonkers (the “City”), the Municipal Housing Authority of the City of Yonkers (“MHACY”), and the Schlobohm Housing Development Fund Corp. (“SHDFC”) substantially in the form annexed as Exhibit A.
Section 2. The Amendment to the Exemption Agreement authorized and approved pursuant to Section 1 hereof shall provide for the abatement of one hundred percent (100%) of the payments in lieu of taxes (the “PILOT payments”) otherwise payable by MHACY, or by any successor owner obligated to make such PILOT payments to the City pursuant to the 2017 Exemption Agreement with respect to the 853 dwelling units known as the Schlobohm Houses, 1-8 Schroder St., (S/B/L 2/2030/49-50), Walsh Homes, 55-97 Walsh Rd., (S/B/L 2/2026/200, 225, 250; 2/2030/300 & 325) and Flynn Manor Homes, 334 Riverdale Ave., (S/B/L 1/157/3)(collectively, the “Properties”), for the period commencing January 1, 2026 and ending December 31, 2028.
Section 3. The PILOT Payments attributable to the Properties and otherwise payable to the City during the period commencing January 1, 2026, through December 31, 2028, shall be fully abated in accordance with the Amendment. The total abatement for the period cited herein shall not exceed One Million...
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