22 Dec

Zoning Lot Development Agreement Nyc

The result was a win-win. The municipality obtained the desired crossing improvements, while remaining protected, as the agreement provided that the land would be considered an occupying site as long as the building remained at the boundary. The neighbouring landlord had an easily financeable triple net lease with a solvent tenant; This would allow them to take out a mortgage, mortgage the lease as collateral and realize the current value of the property without paying capital gains tax. And the retailer was able to cling to its precious corner terrain at a marked intersection and at the same time install the adjacent land for the development of a new facility with modern upgrades, including significantly improved fluidity and aesthetics. River Park 2 and 3 were partly facilitated by the redistricting of Pacific Street in 1969, which created a de facto “super block” that allowed Fortis to create a zoning-los merger and transfer development rights to the three landowners. Most aviation rights transfers benefit only the authorization party financially, as the owner receives money from the sale of his flight rights. However, in some zoning districts, a portion of the proceeds from the sale of air rights goes to a foundation for the improvement of the public sector. This is happening, as has already been said, in the Theatre sub-district, in East Midtown and near the High Line. The New York Shingles allows independent owners of related properties to group them into a single land use space, while allowing everyone to remain in possession and taxed separately. This is an advantageous concept that has long been expected in New Jersey. The obvious key to the success of this regulation has been the municipality`s willingness to accept it. Given that many New Jersey municipalities would have just as easily rejected it as a viable option, it would certainly be preferable for MLUL to include provisions similar to those of the New York Zonat Resolution, which explicitly authorize owners of related property to enter into zoning lot merger agreements like the New York LTDAs.

The author has recently been involved in a situation highlighting the above problems. A national convenience dealer had to modernize and expand a long-owned store at a valuable reported intersection. It turns out that the owner of the adjacent land was closing his store, which also lasted a long time. It was therefore an ideal destination for the retailer`s acquisition, followed by a major consolidation for the consolidation of the combined package. The problem was that the owner was not interested in the sale because of the high level of capital gains tax that would result. However, he was willing to participate through a long-term basic rent agreement, as this would avoid tax breaks. What would better regulation of surface mergers mean for municipalities? The vanguard is the result of an agreement on the development of the Control Lot (ZLDA) that was specifically put in place by Resolution 12-10 (d) of the New York City Zoning Resolution (essentially the zoning by-law in power of the city, although terribly difficult to navigate) comes into force. Overall, a properly implemented ZLDA allows owners of two or more properties located in the same tax block and at least 10 linear feet of contiguage to approve the development rights assigned to each and then redistribute them on real estate, as they can accept them. For example, if a property with a fully authorized base area is fully exploited, the surplus can be transferred to a coherent piece of land that can then be developed with more base space than would normally be permitted by the zoning resolution.