5704490 Resolution 21-239, N Street Village, Inc. Tax and TOPA Exemption Clarification Emergency Declaration Resolution of 2015

                       

A RESOLUTION

21-239 

IN THE COUNCIL OF THE DISTRICT OF COLUMBIA

October 6, 2015

 

To declare the existence of an emergency with respect to the need to amend section 47-1086 of the District of Columbia Official Code to clarify the exemption from the tenant opportunity to purchase requirements of the property owned by N Street Village, Inc., located at 1301 14^th Street, N.W.; and to amend the N Street Village, Inc. Tax and TOPA Exemption Act of 2014 to make a conforming amendment.

 

RESOLVED, BY COUNCIL OF THE DISTRICT OF COLUMBIA, That this resolution may be cited as the “N Street Village, Inc. Tax and TOPA Exemption Clarification Emergency Declaration Resolution of 2015”.

 

Sec. 2. (a) In October 2014, the Council enacted the N Street Village, Inc. Tax and TOPA Exemption Amendment Act of 2014, effective March 11, 2015 (D.C. Law 20-229; 62 DCR 4500) (“Act”).

(b) The applicability clause in the Act inadvertently included the entire bill, but the TOPA exemption need not be subject to funding.

(c) The renovation project has been approved by the Housing Finance Agency and the Department of Housing and Community Development for tax credits with a pending closing of late October.  Part of the transaction includes a long -erm lease to a tax credit entity that without this emergency measure would trigger the tenants opportunity to purchase obligations pursuant to the Rental Housing Conversion and Sale Act of 1980, effective September 10, 1980 (D.C. Law 3-86; D.C. Official Code § 42-3404.01 et seq.).

(d) Emergency legislation is necessary to clarify that the applicability clause applies only to the provisions with a fiscal effect that have not been funded in a budget and financial plan.

 

Sec. 3. The Council of the District of Columbia determines that the circumstances enumerated in section 2 constitute emergency circumstances making it necessary that the N Street Village, Inc. Tax and TOPA Exemption Clarification Emergency Amendment Act of 2015 be adopted after a single reading.

 

Sec. 4. This resolution shall take effect immediately.