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 Broad Hill Partners Urban Renewal, LLC., 334-336 East 110th Street, New York, New York 10029, needs to take immediate effect so that the applicant can meet the HFMA application deadline of May 2, 2017.
Ordinance No(s).: 6PSF-c (s) April 25, 2017 This ordinance grants a long term tax abatement to Broad Hill Partners Urban Renewal, LLC, 334-336 East 110th Street, New York, New York 10029, 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 five (5) story mixed use building consisting of (i) forty-six (46) affordable housing rental units, (ii) thirty-eight (38) market rate residential rental units and (iii) 9,050 square feet of commercial space located on real property commonly known as 915-933 Broad Street and identified on the City’s tax map as Block 93, Lot 29. (Central Ward)
Additional Information:
body
WHEREAS, Broad Hill Partners Urban Renewal, LLC, 334-336 East 110th Street, New York, New York 10029, 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 construct a five (5) story mixed use building consisting of (i) forty-six (46) affordable housing rental units, (ii) thirty-eight (38) market rate rental housing units and (iii) 9,050 square feet of commercial space on real property commonly known as 915-933 Broad Street and identified on the tax map of the City as Block 93, Lot 29 (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 6PSF-c(s), the Ordinance grants the Project a long term tax abatement, and is scheduled for a public hearing, second reading and final passage, as Ordinance 6PSF-c, 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 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.
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 Broad Hill Partners Urban Renewal, LLC, 334-336 East 110th Street, New York, New York 10029 and Ordinance 6Fc(s) April 13, 2017, upon final passage by the Municipal Council, as Ordinance 6PSF-c, an ordinance granting a long term tax abatement to Broad Hill Partners Urban Renewal, LLC, 334-336 East 110th Street, New York, New York 10029, 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 five (5) story mixed use building consisting of (i) forty-six (46) affordable housing rental units, (ii) thirty-eight (38) market rate residential rental units and (iii) 9,050 square feet of commercial space located on real property commonly known as 915-933 Broad Street and identified on the City’s tax map as Block 93, Lot 29. (Central Ward) shall take immediate effect.
STATEMENT
This resolution authorizes an emergency to be declared and further authorizes Ordinance 6F-c(S) April 13, 2017, upon final passage, by the Municipal Council, as Ordinance 6PSF-c, an Ordinance granting a long term tax abatement to Broad Hill Partners Urban Renewal, LLC, 334-336 East 110th Street, New York, New York 10029, 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 construct five (5) story mixed use building consisting of (i) forty-six (46) affordable housing rental units, (ii) thirty-eight (38) market rate residential rental units and (iii) 9,050 square feet of commercial space located on real property commonly known as 915-933 Broad Street and identified on the City’s tax map as Block 93, Lot 29. (Central Ward) shall take immediate effect so that Broad Hill Partners Urban Renewal, LLC, 334-336 East 110th Street, New York, New York 10029, may meet the application deadline, of May 2, 2017, established by the New Jersey Housing and Mortgage Finance Agency.