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 HVPG Villa Victoria Preservation Urban Renewal, LLC, 200 Vesey Street, 24th Floor, New York, New York 10080, needs to take immediate effect so that the Applicant, HVPG Villa Victoria Preservation Urban Renewal, LLC, 200 Vesey Street, 24th Floor, New York, New York 10080, can meet the New Jersey Housing and Mortgage Finance Agency deadline of May 2, 2018 to close on the financing and to address affordable housing in the City of Newark.
Ordinance No(s).: Ordinance 6F-a, adopted on first reading by the Municipal Council on April 4, 2018. Ordinance 6PSF-a is scheduled for a public hearing, second reading and final passage. Upon final passage and publication in accordance with law Ordinance 6PSF-a shall grant a long term tax abatement to HVPG Villa Victoria Preservation Urban Renewal, LLC, 200 Vesey Street, 24th Floor, New York, New York 10080, who filed an application with the Mayor seeking a 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 a project to acquire and renovate one hundred ninety-four (194) affordable rental housing units on real property commonly known as 2-54 Cutler Street and Identified on the City’s tax map as Block 474, Lot 1(Central Ward).
Additional Information:
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WHEREAS, HVPG Villa Victoria Preservation Urban Renewal, LLC, 200 Vesey Street, 24th Floor, New York, New York 10080, filed an application with the Mayor seeking a 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 a project to acquire and renovate one hundred ninety-four (194) affordable rental housing units on real property commonly known as 2-54 Cutler Street and Identified on the City’s tax map as Block 474, Lot 1 (the “Project”); and
WHEREAS, the above Tax Abatement Application was advanced and adopted on first reading by the Municipal Council on April 4, 2018 through Ordinance 6F-a and is scheduled for a public hearing, second reading and final passage, as Ordinance 6PSF-a, on April 18, 2018; and
WHEREAS, the Project is being financed, in part, by the New Jersey Housing and Mortgage Finance Agency (the “HMFA”) and the HMFA has imposed a May 2, 2018 deadline to close on the financing; and
WHEREAS, in order for the Redeveloper to meet the May 2, 2018 HMFA closing deadline the above tax abatement must be effective prior to the HMFA closing; 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 May 2, 2018 HMFA closing 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 authorizing that 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
WHEREAS, the Municipal Council recognizes the exigent need for this tax abatement to take immediate effect so that the Redeveloper can meet the May 2, 2018 HMFA closing deadline and to address the much needed affordable housing in the City of Newark; and
WHEREAS, the Municipal Council has determined that it is therefore necessary and appropriate to adopt this resolution pursuant to N.J.S.A. 40:69A-181(b) declaring an emergency and determining that Ordinance No.6PSF-a if adopted on April 18, 2018 shall take immediate effect as permitted by law.
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 and Ordinance 6PSF-a, granting a thirty (30) year tax abatement to HVPG Villa Victoria Preservation Urban Renewal, LLC, 200 Vesey Street, 24th Floor, New York, New York 10080 for the property commonly known as 2-54 Cutler Street and Identified on the City’s tax map as Block 474, Lot 1 (Central Ward), to become effective, once adopted by the Municipal Council after second reading and final passage, in accordance with N.J.S.A.40:69A-181(b due to the exigent need for the Redeveloper to meet the New Jersey Housing and Mortgage Finance Agency financing deadline of May 2, 2018 and to address the much needed affordable housing in the City of Newark.
STATEMENT
This resolution hereby authorizes an emergency to be declared and further authorizes Ordinance 6PSF-a, granting a thirty (30) year tax abatement to HVPG Villa Victoria Preservation Urban Renewal, LLC, 200 Vesey Street, 24th Floor, New York, New York 10080 for the property commonly known as 2-54 Cutler Street and Identified on the City’s tax map as Block 474, Lot 1 (Central Ward), to become effective, once adopted by the Municipal Council after second reading and final passage, in accordance with N.J.S.A.40:69A-181(b) due to the exigent need for the Redeveloper to meet the New Jersey Housing and Mortgage Finance Agency financing deadline of May 2, 2018 and to address the much needed affordable housing in the City of Newark.