August 2012 - Empire State Development - New York State

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DRAFT – SUBJECT TO REVIEW AND REVISION Ms. Roy then asked the Directors to authorize ESD to consent to the second amendment to the ground lease for the Island House Residential Development on Roosevelt Island. Ms. Roy noted that the ground lease will be accompanied by the implementation of an affordability plan for the preservation of affordable housing and the project’s withdrawal from the Mitchell-Lama program. payments. She added that it also includes modifications to ESD’s collection of tax equivalency Ms. Roy added that Island House was one of four Mitchell-Lama properties financed by UDC in the 1970’s on Roosevelt Island. This 400 unit project, she continued, will be converting from affordable rental to a co-operative with rent and sale restrictions administered by the New York State HCR. Ms. Roy then provided the relevant historical background information with regard to Island House as well as the anticipated transition process going forward. Following Ms. Roy’s full presentation, the Chair called for questions or comments. Director Miller asked Ms. Roy to review the provisions for renting or sale of apartments after the building is converted to a co-op. 43
DRAFT – SUBJECT TO REVIEW AND REVISION Director Miller also asked if the tenants who decide to remain as tenants will be eligible to remain under rent stabilization. Ms. Roy explained that the existing tenants will have the option to stay as rental tenants or have the option to purchase their property at an affordability level that is set by HCR, therefore, they will be maintained as affordable units in either home ownership or rental. Ms. Roy added that the standard rent stabilization will not apply because they will be considered affordable units that will be administered by HCR. Further discussion was had regarding the effects of the privatization on the Island House tenants going forward. A brief discussion was also had with regard to the effects of the expiration of the Mitchell-Lama program in general. There being no further questions or comments, and upon motion duly made and seconded, the following resolution was adopted (It was noted for the record that Director Miller abstained with regard to the vote on the following resolution.): ROOSEVELT ISLAND – (NEW YORK COUNTY) ISLAND HOUSE RESIDENTIAL PROJECT (UDC LOAN NO. 53) AUTHORIZATION TO (I) CONSENT TO SECOND AMENDMENT TO THE GROUND LEASE, (II) REVISE TAX EQUIVALENT PAYMENT (“TEP”) TERMS UPON IMPLEMENTATION OF AFFORDABILITY PLAN FOR PRESERVATION OF AFFORDABLE HOUSING AND WITHDRAWAL FROM MITCHELL-LAMA PROGRAM (“AFFORDABILITY 44
Page 1 and 2: PLEASE NOTE - We welcome public com
Page 3 and 4: 3 V. ADMINISTRATIVE ACTION A. Harle
Page 5 and 6: DRAFT - SUBJECT TO REVIEW AND REVIS
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Page 53 and 54: FOR CONSIDERATION August 16, 2012 T
Page 55 and 56: Market: ESD Involvement: Competitio
Page 57 and 58: Full-time Permanent Employee. The p
Page 59 and 60: 2. 3. The proposed project would be
Page 61 and 62: August 16, 2012 Long Island City (N
Page 63 and 64: Project Summary Benefit-Cost Evalua
Page 65 and 66: The Project: A. Water Lilies Food M
Page 67 and 68: A. Water Lilies Food MAP Capital (X
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Page 73 and 74: municipality or region of the State
Page 75 and 76: RESOLVED, that the President and Ch
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Page 88 and 89: RESOLVED, that the President and Ch
Page 90 and 91: II. Project Cost and Financing Sour
Page 92 and 93: operations in the nine-county Regio
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Regional Internal Harvesting and Ec
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A. City of Yonkers - Saw Mill River
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City of Yonkers - Saw Mill River Da
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City of Yonkers - Saw Mill River Da
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FOR CONSIDERATION August 16, 2012 T
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VI. Additional Requirements Pursuan
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RESOLVED, that the provision of ESD
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Community Capital Assistance Progra
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Project Cost and Financing Sources
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This Project will facilitate BNYDC
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August 16, 2012 NEW YORK HARBOR - A
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CURRENT STATUS The 38-year old Proj
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August 16, 2012 BRONX COUNTY - RIVE
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FOR CONSIDERATION August 16, 2012 T
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V. Contract Term, Price and Funding
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FOR INFORMATION August 16, 2012 TO:
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Subsidiary Capital Budget Summary V
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Departmental Budget Variance Report
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August 2012 - Empire State Development - New York State

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