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 650 Springfield Ave Urban Renewal, LLC, 61 Deans Lane, Monmouth, New Jersey 08852, needs to take immediate effect so that the applicant can meet the HFMA application deadline of May 2, 2017.
Ordinance No(s).: 6PSF-a(s) April 25, 2017- This Ordinance grants a long term tax abatement to 650 Springfield Ave Urban Renewal, LLC, 61 Deans Lane, Monmouth, New Jersey 08852, under the HFMA Law for thirty (30) years for a project to acquire and renovate a four (4) story building into fifty-nine (59) affordable housing rental located at 650-656 Springfield Avenue, 708 South 17th Street and724-726 South 17th Street and 47-55 19th Avenue and identified on the City’s tax maps as Block 364, Lots 1, 2, 21, 22, 24, 26, 27, 28 and 29. (South Ward).
Additional Information:
body
WHEREAS, on January 26, 2017, 650 Springfield Ave Urban Renewal, LLC, 61 Deans Lane, Monmouth, New Jersey 08852 (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 thirty (30) year term for a project to acquire and renovate a four (4) story building into fifty-nine (59) affordable housing rental units located at 650-656 Springfield Avenue, 708 South 17th Street and 724-726 South 17th Street and 47-55 19th Avenue and identified on the City’s tax maps as Block 364, Lots 1, 2, 21, 22, 24, 26, 27, 28 and 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 6F-a(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-a, 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; 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 650 Springfield Ave Urban Renewal, LLC, 61 Deans Lane, Monmouth, New Jersey 08852 and Ordinance 8-b(s) April 13, 2017, upon final passage by the Municipal Council as Ordinance 6PSF-a, an Ordinance granting a long term tax abatement to 650 Springfield Ave Urban Renewal, LLC, 61 Deans Lane, Monmouth, New Jersey 08852, under the HFMA Law for thirty (30) years for a project to acquire and renovate a four (4) story building into fifty-nine (59) affordable housing rental located at 650-656 Springfield Avenue, 708 South 17th Street and724-726 South 17th Street and 47-55 19th Avenue and identified on the City’s tax maps as Block 364, Lots 1, 2, 21, 22, 24, 26, 27, 28 and 29. (South Ward), shall take immediate effect.
STATEMENT
This resolution authorizes an emergency to be declared and further authorizes Ordinance 6SPF-a(s) April 13, 2017, upon final passage, by the Municipal Council, as Ordinance 6PSF-a, an Ordinance granting a long term tax abatement to 650 Springfield Ave Urban Renewal, LLC, 61 Deans Lane, Monmouth, New Jersey 08852, under the HFMA Law for thirty (30) years for a project to acquire and renovate a four (4) story building into fifty-nine (59) affordable housing rental located at 650-656 Springfield Avenue, 708 South 17th Street and724-726 South 17th Street and 47-55 19th Avenue and identified on the City’s tax maps as Block 364, Lots 1, 2, 21, 22, 24, 26, 27, 28 and 29. (South Ward) shall take immediate effect so that 650 Springfield Ave Urban Renewal, LLC, 61 Deans Lane, Monmouth, New Jersey 08852, may meet the application deadline, of May 2, 2017, established by the New Jersey Housing and Mortgage Finance Agency.