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AN ORDINANCE AMENDING ORDINANCE 6PSF-d, ADOPTED ON MAY 10, 2018, AND THE ORIGINAL THIRTY (30) YEAR TAX ABATEMENT GRANTED TO GK PRESERVATION, LLC, 1865 PALMER AVENUE, SUITE 203, LARCHMONT, NEW YORK, NEW YORK 10538, PURSUANT TO THE NEW JERSEY HOUSING MORTGAGE FINANCING LAW, TO UPDATE THE DESCRIPTION OF THE PROPERTY SUBJECT TO THE TAX ABATEMENT, AS BLOCK 1808, LOT 1.01.
Deferred 6PSF-c 110421
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WHEREAS, on September 7, 2016, GK Preservation LLC, 1865 Palmer Avenue, Suite 203, Larchmont, New York, New York 10538 (the “Entity”) filed an application with the Mayor of the City of Newark 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 transfer and significantly rehabilitate a (422) unit housing complex, including two (2) eighteen (18) story high rise buildings and (24) two (2) and three (3) story townhouse style buildings grouped in six (6) 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 Official Tax Map of the City of Newark, as Block 1808, Lot 1, Block 1832, Lot 1 and Block 1833, Lots 1, 60 and 65, and Block 1834, Lot 55 (the “Original Property” and together with the improvements, the “Project”); and
WHEREAS, on May 10, 2018, the Municipal Council adopted Ordinance 6PSF-d, entitled “AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO GK PRESERVATION LLC, 1865 PALMER AVENUE, SUITE 203, LARCHMONT, NEW YORK, NEW YORK 10538-1053, FOR A PROJECT TO SIGNIFICANTLY REHABILITATE A FOUR HUNDRED TWENTY-TWO (422) UNIT HOUSING COMPLEX, INCLUDING TWO (2) EIGHTEEN (18) STORY HIGH RISE BUILDINGS AND TWENTY-FOUR (24) TWO (2) AND THREE (3) STORY TOWNHOUSE STYLE BUILDINGS GROUPED IN SIX (6) 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 OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 1808, LOT 1, BLOCK 1832, LOT 1 AND BLOCK 1833, LOTS 1, 60 AND 65 AND BLOCK 1834, LOT 55. (WEST WARD)”; and
WHEREAS, on May 14, 2018, the City of Newark (the “City”) and the Entity entered into that certain Financial Agreement, (the “Original Financial Agreement”) for the Project; and
WHEREAS, subsequently, the Entity consolidated the Original Property into Block 1808, Lot 1; and
WHEREAS, on August 3, 2020, the Central Planning Board granted a minor subdivision creating Block 1808, Lot 1.01 and Block 1808, Lot 1.02; and
WHEREAS, Block 1808, Lot 1.02 is no longer included in the Project; and
WHEREAS, the Parties desire to amend the Original Financial Agreement so that it applies to only Block 1808, Lot 1.01.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. Ordinance 6PSF-d, adopted on May 10, 2018, is amended to update the description of the property subject to the Tax Abatement, as Block 1808, Lot 1.01.
2. The Mayor of the City of Newark and/or his designee, the Deputy Mayor/Director of the Department of Economic and Housing Development are hereby ratified and authorized to enter into and execute, on the City’s behalf, Amendment #1 to the Financial Agreement in the form attached hereto as Exhibit A.
3. An executed copy of the Amendment #1 to the Financial Agreement authorized by this Ordinance shall be filed and maintained with the Office of City Clerk.
4. Except as expressly amended and supplemented hereby, Ordinance 6PSF-d, adopted on May 10, 2018, shall remain in full force and effect.
5. This Ordinance shall take effect upon final passage and publication in accordance with the laws of the State of New Jersey.
STATEMENT
Ordinance ratifying and authorizing the amendment of Ordinance 6PSF-d, adopted on May 10, 2018 and the Original Financial Agreement, dated May 14, 2018, by and between the City of Newark and GK Preservation, LLC, of 1865 Palmer Avenue, Suite 203, Larchmont, New York, New York 10538 to update the description of the property subject to the tax abatement, as Block 1808, Lot 1.01.
EXHIBIT A
Amendment No. 1 to Financial Agreement