Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Application for Long-Term Tax Abatement Purpose: To grant a long term tax abatement to 609 Broad Street, LLC under the HMFA law to rehabilitate an existing vacant four story building and construct a new six story building on the Property which will collectively contain approximately 80,000 square feet of retail space, approximately 182 residential units (with a unit mix of affordable and market rate units), and approximately 80,000 square feet of commercial, community and/or office uses, along with an underground parking garage. Entity Name: 609 Broad Street, LLC Entity Address: 1865 Palmer Avenue, Suite 203, Larchmont, New York 10538 Abatement Period: 30 years Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ ( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a List of Property: (Address/Block/Lot/Ward) 609-633 Broad Street/Bock 18/Lot 39/Central Ward Additional Information: This property was previously granted two(2) Tax Abatements , which need to be rescinded. Resolution 7RCS 120496 granted a fifteen (15) year tax abatement. Ordinance 6S&FC 030205 granted a thirty (30) year tax abatement. The requested PILOT formula is based on 6.28% of gross revenues. No Action Taken 7R3-f 100213