Requiring the dept of finance to conduct audits related to certain transfers of development rights within the east midtown subdistrict.

A Local Law to amend the administrative code of the city of New York, in relation to requiring the department of finance to conduct audits related to certain transfers of development rights within the east midtown subdistrict

Under the proposed Zoning Resolution text amendment, transfers of development rights from landmarked buildings in the East Midtown Subdistrict would generate a contribution, based upon a percentage of the sale price of the development rights, to the Public Realm Improvement Fund (“Fund”). This bill would require the Department of Finance (“DOF”) to audit Real Property Transfer Tax returns filed for transfers of development rights within the East Midtown Subdistrict, if the text amendment is adopted. Audited parties would be required to make available to DOF all relevant books and records upon request. DOF would be required to submit copies of such audits to the Speaker of the Council no later than 10 days after completion.