REMARKS
Council Member Brannan's opening remarks on Finance Committee agenda
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159 sec
Council Member Justin L. Brannan, chair of the Finance Committee, opens the meeting by announcing the committee members present and outlining the four items to be voted on: three property tax exemption resolutions and a transparency resolution. He provides details on each item and reminds council members about conflict of interest disclosures.
- The property tax exemptions involve Article 11 and Article 5 exemptions for rental buildings in different council districts.
- The transparency resolution involves designations and changes in designations for organizations receiving discretionary funding.
- Council members are instructed on the process for disclosing conflicts of interest with organizations listed in the transparency resolution.
Justin L. Brannan
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I have the privilege of chairing the committee on finance.
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We've been joined this morning by council members Salam, Carr, Powers, Osei, Farius, Brewer, Ayala, Brooks Powers, Hanks, Lewis and Williams.
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On Zoom, we've been joined by Sanchez, Stevens and Moya.
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Today, our committee will be voting on 4 items, 3 property tax exemption resolutions and a transparency resolution.
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First property tax exemption resolution is a is for a new partial 40 year article 11 exemption for preservation of 1 rental building in council member Dinowitz's district.
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As part of the exemption, the building will enter a regulatory agreement restricting rents, setting aside 50% of units for homeless tenants, and completing identified critical and short term capital work.
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Upon closing of the article 11 exemption, HPD requires that the building work to clear all housing maintenance code violations by designing a remediation plan and entering into a housing repair agreement with the department.
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The second and third property tax exemptions are short term retroactive article 5 exemption and a new partial, 40 year article 11 exemption respectively for preservation of 2 rental buildings in council member Salaam's district.
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The project was under an article 5 exemption, which expired in May of 22.
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HPD is requesting a new article 11 to take effect once the project transfers to an eligible HDFC and for an article 5 to run retroactive from the 22 expiration to the date of the transfer to bridge the gap.
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As part of the exemptions, the buildings will enter a regulatory agreement setting aside 30% of units for homeless tenants, complete capital repairs, and install aging in place improvements.
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During the Article 5 and the Article 11, income limits will be capped at 50% of AMI.
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Finally, the transparency resolution sets forth a new designation and changes in the designation of certain organizations receiving local youth anti poverty and speakers initiative discretionary funding, and funding pursuant to certain initiatives in the budget.
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As with all transparency resolutions, council members will have to sign a disclosure form indicating whether or not a conflict exists with any of the groups on the attached list.
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If any member has a potential conflict of interest with any of the organizations listed, they have the opportunity to disclose the conflict at the time of their vote.
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As a reminder, please disclose any conflicts you may have with proposed subcontractors used by organizations sponsored by discretionary funding.
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These disclosures must be made before the subcontractor can be approved.
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Disclosure forms must be completed and submitted prior to the vote and transparency resolution.
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May be emailed to Everton Smith, who is also present in the building today, to answer your questions.
