Location
421 EAST 171 STREET
Community Board District
3
Property Disposed To Entity
THE CHILDREN'S RESCUE FUND
Property Disposed To House Number
100
Property Disposed To Street Name
South Bedford Road
Property Disposed To City
Mount Kisco
Property Disposed To State
NY
Property Disposed To Zip
10549
Restriction
This parcel is being sold subject to the following: 1. Use of this property shall be limited for 15 years to those not-for-profit uses allowable pursuant to the New York State Not-For-Profit Corporation Law and/or Section 501(c) of the United States Internal Revenue Code. 2. Use of this property shall be limited for 15 years to those uses allowable pursuant to Use Groups 2 and 3 of the New York City Zoning Resolution (as existing on April 18, 1988, the date of the auction). A minimum of 25% of the 'floor area' of a 'building' on the 'zoning lot' shall be limited to those uses allowable pursuant to Use Group 3 (as all such quoted terms are defined by the New York City Zoning Resolution). 3. The transfer of title to The Children's Rescue Fund is subject to the following condition subsequent, and shall run with the property: development of the property shall be completed, as evidenced by a Temporary Certificate of Occupancy for a substantial portion of the building, for uses described under Paragraphs 1 and 2 above, within three years from the date of title closing. Upon the breach of the foregoing condition subsequent, then, after notice and an opportunity to cure, the City shall have the right to re-enter and reacquire the property, in fee simple, subject only to the lien of an institutional construction loan or a permanent 'take-out' loan from an institutional lender with regard thereto. 4. In order to maximize the economic benefit of this project to the local community and to recognize the unique nature of the public benefits of this project, The Children's Rescue Fund shall enter into a voluntary agreement as follows: that no improvements to said property be undertaken unless The Children's Rescue Fund agrees to utilize its best efforts to employ Locally Based Enterprises (LBE's) as defined in Local Law 49; that The Children's Rescue Fund exercise its best efforts to award 20% of the total cost of such improvements to LBE's; that The Children's Rescue Fund work closely with prime contractors to further the purchasing of supplies and materials from local merchants, provided that such supplies and materials are competitively priced; that The Children's Rescue Fund will work with the Office of Bronx Borough President Fernando Ferrer to develop a program to assist undercapitalized LBE's to participate in such project; that The Children's Rescue Fund will work with the Office of the Bronx Borough President in an effort to employ semi-skilled labor to perform general conditions work on such project. Notwithstanding the foregoing provisions such LBE's and suppliers will be selected on the basis of competitive bids submitted to prime contractors and/or The Children's Rescue fund.
Electronic Link To Deed Lease Easement
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