Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Waiving 20 day period for an ordinance to take effect
Purpose: Tax abatement for Lantana Urban Renewal, LP, 77 Park Street, Montclair, New Jersey 07042, needs to take immediate effect so that the applicant can meet the HFMA application deadline of May 2, 2017.
Ordinance No(s).: 6PSF-b (s) April 25, 2017- This ordinance amends and restates a long term tax abatement to Lantana Urban Renewal, LP, 77 Park Street, Montclair, New Jersey 07042, under the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq. for a thirty (30) year term for a project to construct eighty (80) affordable housing units located on real property commonly known as 109-119 Broad Street and 130-132 North 11th Street and identified on the City’s tax map as Block 1, 3, 4, 5, 51, 54, 59 and 60 and Block 1926, Lot 1.02 (Central Ward)
Additional Information:
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WHEREAS, on April 30, 2012, the Newark Municipal Council adopted Ordinance 6PSF-a(S) granting a long term tax abatement to Lantana Urban Renewal, LP, consisting of the construction of sixty (60) affordable housing units located at 109-119 Broad Street and identified on the City tax map as Block 523, Lots 1, 3, 4, 5, 51, 54, 59 and 60 (the “Original Project”); and
WHEREAS, the City and Lantana Urban Renewal, LP, subsequently executed a Financial Agreement governing the Original Project (the “Original Financial Agreement”); and
WHEREAS, the Lantana Urban Renewal, LP has changed the Original Project to include construction of eighty (80) affordable housing units located at 109-119 Broad Street and 130-132 North 11th Street and identified on the City tax map as Block 523, Lots 1, 3, 4, 5, 51, 54, 59 and 60 and Block 1926, Lot 1.02 (the “ Project”); and
WHEREAS, Lantana Urban Renewal, LP, 77 Park Street, Montclair, New Jersey 07042, filed an application with the Mayor seeking an amendment and restatement of the long term tax abatement under the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq. for a thirty (30) year term for the Project; and
WHEREAS, the above tax abatement application was advanced and adopted on first reading by the Municipal Council on April 13, 2017 through Ordinance 6F-b(s), the Ordinance amends and restates the Project’s long term tax abatement, and is scheduled for a public hearing, second reading and final passage, as Ordinance 6PSF-b, on April 25, 2017; and
WHEREAS, the Project is being financed, in part, by the New Jersey Housing and Mortgage Finance Agency (the “HMFA”); and
WHEREAS, the Redeveloper must obtain the tax abatement for the Project to meet the NJHFMA application deadline of May 2, 2017; and
WHEREAS, there is an exigent need for the tax abatement for this project to take immediate effect so that the Redeveloper can meet the HMFA application deadline; and
WHEREAS, the Project is essential to address affordable housing in the City of Newark; and
WHEREAS, N.J.S.A. 40:69A-181(b) authorizes a Governing Body to adopt a resolution declaring an emergency and authorize an ordinance take immediate effect so long as at least two-thirds of all the members of the Governing Body vote in favor of such resolution; and
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. As a result of the reasons set forth herein and the important public policies enunciated, an emergency is hereby declared to exist as to the implementation of the Tax Abatement for Lantana Urban Renewal, LP, 77 Park Street, Montclair, New Jersey 07042 and Ordinance 6PSF-b(s) April 13, 2017, upon final passage by the Municipal Council, as Ordinance 6PSF-b, an Ordinance amending and restating a long term tax abatement to Lantana Urban Renewal, LP, 77 Park Street, Montclair, New Jersey 07042, under the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq. for a thirty (30) year term for a project to construct eighty (80) affordable housing units located on real property commonly known as 109-119 Broad Street and 130-132 North 11th Street and identified on the City’s tax map as Block 1, 3, 4, 5, 51, 54, 59 and 60 and Block 1926, Lot 1.02 (Central Ward)shall take immediate effect in accordance with N.J.S.A.40:69A-181(b) so long as at least two-thirds of all the members of the Governing Body vote in favor of such resolution in accordance with law.
STATEMENT
This resolution authorizes an emergency to be declared and further authorizes Ordinance 6F-b(S) April 13, 2017, upon final passage by the Municipal Council, as Ordinance 6PSF-b April 25, 2017, Ordinance amending and restating a long term tax abatement to Lantana Urban Renewal, LP, 77 Park Street, Montclair, New Jersey 07042, under the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq. for a thirty (30) year term for a project to construct eighty (80) affordable housing units located on real property commonly known as 109-119 Broad Street and 130-132 North 11th Street and identified on the City’s tax map as Block 1, 3, 4, 5, 51, 54, 59 and 60 and Block 1926, Lot 1.02 (Central Ward) shall take immediate effect so that Lantana Urban Renewal, LP, 77 Park Street, Montclair, New Jersey 07042, may meet the application deadline, of May 2, 2017, established by the New Jersey Housing and Mortgage Finance Agency.