FILED: NEW YORK COUNTY CLERK 04/25/ :43 AM INDEX NO /2017 NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 04/25/2017 EXHIBIT C

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1 NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 04/25/2017 EXHIBIT C

2 NYSCEF DOC. De Blasia NO. 4will reform property tax system only if he's re-elected I SILive.com RECEIVED NYSCEF: Page I of5 04/25/2017 Menu Set Weather Subscribe STATEN ISLAND REAL-TIME NEWS Sign In Search De Blasio will reform property tax system only if he's re-elected II Updated on April19, 2017 at 5:46PM ~ Posted on April19, 2017 at 5:30PM Mayor Bill de Blasia rides the Staten Island Ferry on Monday, April 10, 2017.(Staten Island Advance/Jan Somma-Hammel) 928 shares BY ANNA SANDERS asanders@siadvance.com CITY HALL -- Mayor Bill de Blasia will only reform the inequitable property tax system he 17/04/de _ blasio _ will_reform _property.html 4/24/2017

3 NYSCEF DOC. DeBlasio NO. 4will reform property tax system only if he's re-elected I SILive.com RECEIVED NYSCEF: Page 2 of5 04/25/2017 personally benefits from if taxpayers give him another four years in office. De Blasia said on Wednesday that the "entire property tax system needs to be reviewed top to bottom" and that such an overhaul --"the most controversial thing you could imagine" -- isn't possible this year. But not because he faces re-election in November. "It's because it is something that's going to take so much effort, and so much of the administration's time and energy, that it's just not the thing we're going to do now," de Blasia said at an unrelated event. "But if I'm around, I guarantee we will do it." DEBLASIO'S LOW TAX BILL De Blasia and first lady Chirlane McCray only paid $7,098 in property taxes for their two homes in Brooklyn last year, according to a copy of their joint returns released by City Hall on Tuesda~. The properties were worth more than $3.2 million combined last tax year, according to city asses))ment records. The tentative worth this tax year is nearly $~. 7 million combined. The Advance asked de Blasia three times if this was "fair." "I'm not going to speak to my personal circumstances, I don't think it's right. I think the question is, 'Is the system balanced, is the system fair across all geography?' No," de Blasia finally answered. "But I didn't create it. I'm part of a much bigger thing here, so I'm just not going to answer it as asked." De Blasia paid only $7,098 in property taxes last year DELAYS REFORM EFFORT The mayor said in January that he plans to put together "a task force or whatever" on the property tax system. On Wednesday he committed to a reform effort at some point after this year. "I think it's quite clear that cannot be achieved in the remainder of this year, it's going to probably be, I would be shocked if it could be done in a year, it might be a multi-year effort," de Blasia said. "But if the people renew my employment contract that is something I will be working on." The mayor stressed that upending the current system would be contentious /04/de _ blasio _ will_refonn _property.html 4/24/2017

4 NYSCEF DOC. DeBlasio NO. 4will reform property tax system only if he's re-elected I SILive.com RECEIVED NYSCEF: Page 3 of 04/25/ "This is going to be a massive undertaking," de Blasia said. "Obviously the most controversial thing you could possibly imagine, if you open up the entire property tax system in New York City, shine a light on it and talk about how to restructure it and to be more fair." 'WE CAN'T LOSE REVENUE' What the city collects from property taxes is expected to increase 23.7 percent over the next five years, by some $5.73 billion, according to the January financial plan. The levy from property taxes would be $25.63 billion in fiscal year 2018, which begins in July. De Blasia said the city can't collect less from property taxes, even if there's an overhaul. "The other trick is we can't lose revenue in the bargain. We just can't, I mean let's be real world about this," de Blasia said. "We have to take the system right now, filled with idiosyncrasies and inconsistencies, and still end up with basically the same amount of revenue. But I think there is a way to do that that creates more fairness." OTHER REFORM EFFORTS De Blasia and the first lady paid $3,549 in property taxe~ last year for each property they own on 11th Street in Park Slope, Brooklyn. They are profiting from the current system where the assessed value of properties with one-, two- and three-family homes -- known as class one -- can't go up more than 6 percent every year or 20 percent over five years. So homeowners in less popular neighborhoods where home values slowly increase will generally have higher property taxes than those with homes in more desirable areas like where de Blasia lives. "You know that some neighborhoods have just seen these ridiculous increases because of the way their values have increased compared to others," de Blasia said. "And it doesn't create parity. We're going to have to address that." Councilman Joseph Borelli and Minority Leader Steven Matteo asked de Blasia to convene a property tax reform commission this year to address systematic inequalities and avoid a lawsuit from Staten Island homeowners. A state bill from Assemblyman Michael Cusick (D-Mid-lsland) would force the creation of a commission to study reforms. / 17 /04/de _ blasio _ will_reform _property.html 4/24/2017

5 NYSCEF DOC. De Blasia NO. 4will reform property tax system only if he's re-elected I SILive.com RECEIVED NYSCEF: Page 4 of5 04/25/2017 "There's no question that there's inequities in the tax system," de Blasia said on Wednesday. "I didn't create the tax system, you didn't create the tax system, but there are obvious inequities in it. And there's a lack of consistency across geography and across different types of homes." HOMEOWNERS SEE INCREASES De Blasia has said in the past he has no plans to increase the overall property tax rate. The overall property tax rate hasn't changed from percent since de Blasia took office, but that's the blended average of a four-class system. Law requires the City Council to determine rates within the four property classes every year so they're proportional by class. The rate for class one properties has increased every full fiscal year de Blasia has been in office. This means many Staten Island homeowners consistently have higher property tax bills each year. Still, fixing the system isn't at the top of de Blasia's to-do list. "It's going to take multiple years and, you know, if I'm here I will govern over that process and I'll get us to an end point-- I've already committed myself to it," de Blasia said. "And if I'm not here someone else has to decide how they want to handle it. At this point, it just doesn't make sense to start it when there's so many other things happening." silive.com About Us About SILive.com Community Rules Advertise with us Contact Us Frequently Asked Questions Subscribe Today Staten Island Advance E-Edition Newsletters SILive.com Sections News Obituaries Business Jobs Sports Autos High School Real Estate Sports Rentals Entertainment Classifieds Weddings Find N Save Opinion Local Businesses Your Regional News Pages East Shore South Shore North Shore West Shore More on SILive.com Special Sections Post a classified Videos ad Photos Sell your car Weather Post a job SeiVrent your home Sitemap & search Sponsor Content Follow Us Twitter I Facebook 1 Google+ Mobile iphone, Android apps 1 Tablet Apps 17 /04/de _ blasio _ will_reform _property.html 4/24/2017

6 NYSCEF DOC. DeBlasio NO. 4 will reform property tax system only if he's re-elected I SILive.com RECEIVED NYSCEF: Page 5 of5 04/25/2017 Already a Subscriber? Manage Your Subscription View E-Edition Reprints Registration on or use of this site constitutes acceptance of our User Agreement and Privacy Policy 2017 Sllive.com. All rights reserved (About Us). The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Sllive.com. Community Rules apply to all content you upload or otherwise submit to this site. ~ Ad Choices 17 /04/de _ blasio _will _reform _property.html 4/24/2017

HPM Module_6_Capital_Budgeting_Exercise

HPM Module_6_Capital_Budgeting_Exercise OK, class, welcome back. We are going to do our tutorial on the capital budgeting module. And we've got two worksheets that we're going to look at today. We have