http://yonkersinsider.wordpress.com/2007/02/02/yonkers-city-council-resolution/
RESOLUTION NO. -2007
BY COUNCIL PRESIDENT LESNICK, MAJORITY LEADER McDOW, MINORITY LEADER McLAUGHLIN, COUNCILMEMBERS ANNABI, ROBERTSON, MURTAGH AND BARBATO:
RESOLUTION OF THE CITY COUNCIL: (1) FINDING THAT IT IS FEASIBLE AND APPROPRIATE TO UNDERTAKE A STUDY TO DETERMINE WHETHER A REDEVELOPMENT PROJECT WITHIN THE AREA DESCRIBED IN EXHIBIT 8 TO THE APPLICATION/PETITION OF STRUEVER FIDELCO CAPPELLI, LLP IS FEASIBLE; (2) AUTHORIZING STRUEVER FIDELCO CAPPELLI, LLP TO UNDERTAKE A STUDY TO DETERMINE THE FEASIBILITY OF A REDEVELOPMENT PROJECT WITHIN THE AREA; (3) finding that the undertaking of the Study is a Type II action under Section 617.5(c)(21) of the regulations of the State Environmental Quality Review Act; and (4) Expressing the sense of the city council regarding the appropriateness of the USE of tax increment bonds and/or tax increment notes to finance certain elements of a redevelopment project in the event it is established.
WHEREAS, on October 24, 2006, Struever Fidelco Cappelli, LLC (”SFC”) duly filed an Application/Petition with the City Clerk for certain approvals from the City Council for the development of the projects known and described in the Application/Petition as “Palisades Point,” “River Park Center” and “Cacace Center” (collectively, the “SFC Project”); and
WHEREAS, the Application/Petition requests that the City Council establish a “redevelopment project” under New York General Municipal Law Article 18-C within the area of the City described in Exhibit 8 to the Application/Petition (such area, the “Survey Area”); and
WHEREAS, the Application/Petition requests that the City issue tax increment bonds and/or tax increment bond anticipation notes for the purpose of carrying out and/or administering a redevelopment plan for the proposed redevelopment project within the Survey Area, the proceeds of which would be used for the objects and purposes set forth in New York General Municipal Law Section 970-o(h)(i)-(iv); and
WHEREAS, SFC proposes to develop the SFC Project within the Survey Area; and
WHEREAS, SFC has stated to the City Council that the SFC Project is not economically viable unless the City issues tax increment bonds and/or tax increment bond anticipation notes, the proceeds of which would be used to, among other things, finance the construction of some or all elements of public parking facilities, public water, sewer and storm water drainage systems, public road improvements, and other necessary public improvements integral to the SFC Project (the “Integral Public Improvements”); and
WHEREAS, the City may issue tax increment bonds and/or tax increment bond anticipation notes only in furtherance of a redevelopment project duly established under New York General Municipal Law Article 18-C; and
WHEREAS, SFC would be willing to undertake on behalf of the City Council and at SFC’s sole cost and expense a study to determine if a redevelopment project within the Survey Area is feasible.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Yonkers that pursuant to New York General Municipal Law Section 970-d, the City Council hereby finds that it is appropriate and feasible to undertake a study (the “Survey Area Study”) to determine whether a redevelopment project within the Survey Area described in Exhibit 8 to the Application/Petition of SFC is feasible; and be it further
RESOLVED, that pursuant to New York General Municipal Law Section 970-d, the City Council hereby authorizes and directs SFC to undertake the Survey Area Study on behalf of the City Council; and be it further
RESOLVED, that SFC shall undertake the Survey Area Study at SFC’s sole cost and expense; and be it further
RESOLVED, that the City Council does not by this resolution commit to establish a redevelopment project within the Survey Area, but only to authorize the preparation of the Survey Area Study to determine whether a redevelopment project within the Survey Area is feasible; and be it further
RESOLVED, that the City Council finds that the Survey Area Study is a preliminary feasibility study necessary to the formulation of a proposal for action that does not commit the City of Yonkers or the City Council to commence, engage in, or approve any action, and further finds that the undertaking of the Survey Area Study is therefore a Type II action under Section 617.5(c)(21) of the regulations of the State Environmental Quality Review Act; and be it further
RESOLVED, it is the intent in principle of the City Council that if, upon compliance with the New York Municipal Redevelopment Law, the State Environmental Quality Review Act and other applicable law, and subject to the studies, hearings or findings required under such laws, the City Council establishes a redevelopment project within the Survey Area, then the City Council will, if consistent with such studies, hearings or findings, use its reasonable best efforts to cause the City to issue tax increment bonds and/or tax increment notes pursuant to New York General Municipal Law Section 970-o in an aggregate amount sufficient (taking into account reasonably projected public parking revenues) to fund the construction of the Integral Public Improvements in the project area, presently estimated at not more than $160 million in total cost (subject to reasonable efforts to achieve cost savings), plus required interest, bond or note issuance costs and capitalized interest, when and if SFC commences construction of the SFC Project in accordance with all required governmental approvals; and be it further
RESOLVED, that this resolution shall take effect immediately
