Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Waiving 20-day period for an ordinance to take effect
Purpose: Tax Abatement for GK Preservation LLC, 1865 Palmer Avenue, Suite 203, Larchmont, New York 10538-1053, needs to take immediate effect so that the Applicant, GK Preservation LLC, 1865 Palmer Avenue, Suite 203, Larchmont, New York 10538, can meet the New Jersey Housing and Mortgage Finance Agency deadline of May 11, 2018 to close on the financing and to address affordable housing in the City of Newark
Ordinance No(s).: Ordinance 6F-d, advance and adopted on first reading by the Municipal Council on April 24, 2018. Ordinance 6PSF-d is scheduled for a public hearing, second reading and final passage. Upon final passage and publication in accordance with law Ordinance 6PSF-d shall grant a long term tax abatement to GK Preservation LLC, 1865 Palmer Avenue, Suite 203, Larchmont, New York 10538-1053, 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 significantly rehabilitate a four hundred twenty-two (422) unit housing complex, including two 18-story high rise buildings and 24 two and three story townhouse style buildings grouped in six clusters, located at 200 and 250 Georgia King Village, 4-70 Littleton Avenue, 352-374 West Market Street and 17-49 Bergen Street and identified on the City’s tax maps as Block 1808, Lot 1, Block 1832, Lot 1, Block 1833, Lots 1, 60 and 65 and Block 1834, Lot 55 (West Ward).
Additional Information:
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WHEREAS, GK Preservation LLC, 1865 Palmer Avenue, Suite 203, Larchmont, New York 10538-1053 (the “Entity”), filed an application with the Mayor seeking a long term tax abatement pursuant to the New Jersey Housing and Mortgage Finance Agency Law of 1983, as amended and supplemented N.J.S.A. 55:14K-1 et seq., (the “HMFA Law”)); for a term of thirty (30) years for a project to significantly rehabilitate a four hundred twenty-two (422) unit housing complex, including two 18-story high rise buildings and 24 two and three story townhouse style buildings grouped in six clusters, located at 200 and 250 Georgia King Village, 4-70 Littleton Avenue, 352-374 West Market Street and 17-49 Bergen Street and identified on the City’s tax maps as Block 1808, Lot 1, Block 1832, Lot 1, Block 1833, Lots 1, 60 and 65 and Block 1834, Lot 55 (the “Project”);; and
WHEREAS, the above Tax Abatement Application was advanced and adopted on first reading by the Municipal Council on April 24, 2018 through Ordinance 6F-d and is scheduled for a public hearing, second reading and final passage, as Ordinance 6PSF-d, on May 10, 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 11, 2018 deadline to close on the financing; and
WHEREAS, in order for the Redeveloper to meet the May 11, 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 11, 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 11, 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 6PSF-d if adopted on May 10, 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:
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-d, granting a thirty (30) year tax abatement to GK Preservation LLC, 1865 Palmer Avenue, Suite 203, Larchmont, New York 10538-1053 (the “Entity”), filed an application with the Mayor seeking a long term tax abatement pursuant to the New Jersey Housing and Mortgage Finance Agency Law of 1983, as amended and supplemented N.J.S.A. 55:14K-1 et seq., (the “HMFA Law”)); for a term of thirty (30) years for a project to significantly rehabilitate a four hundred twenty-two (422) unit housing complex, including two 18-story high rise buildings and 24 two and three story townhouse style buildings grouped in six clusters, located at 200 and 250 Georgia King Village, 4-70 Littleton Avenue, 352-374 West Market Street and 17-49 Bergen Street and identified on the City’s tax maps as Block 1808, Lot 1, Block 1832, Lot 1, Block 1833, Lots 1, 60 and 65 and Block 1834, Lot 55 (West Ward) to become effective, once adopted by the Municipal Council after second reading and final passage and signature by the Mayor and advertised, 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 11, 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-d, granting a thirty (30) year tax abatement to GK Preservation LLC, 1865 Palmer Avenue, Suite 203, Larchmont, New York 10538-1053 (the “Entity”), which filed an application with the Mayor seeking a long term tax abatement pursuant to the New Jersey Housing and Mortgage Finance Agency Law of 1983, as amended and supplemented N.J.S.A. 55:14K-1 et seq., (the “HMFA Law”)); for a term of thirty (30) years for a project to significantly rehabilitate a four hundred twenty-two (422) unit housing complex, including two 18-story high rise buildings and 24 two and three story townhouse style buildings grouped in six clusters, located at 200 and 250 Georgia King Village, 4-70 Littleton Avenue, 352-374 West Market Street and 17-49 Bergen Street and identified on the City’s tax maps as Block 1808, Lot 1, Block 1832, Lot 1, Block 1833, Lots 1, 60 and 65 and Block 1834, Lot 55 (West 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 11, 2018 and to address the much needed affordable housing in the City of Newark.