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: This resolution hereby authorizes an emergency to be declared and further authorizes Ordinance 6PSF-a(S), granting a long term tax abatement to Telephone Heights Preservation Urban Renewal Associates, L.P., 77 Park Street, Montclair, New Jersey 07042, 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 for the rehabilitation of an existing affordable housing project, including without limitation, bathroom and kitchen upgrades and energy efficiency improvements, located on real property commonly known as 176-182 Avon Avenue, Newark, New Jersey and identified on the City’s tax map as Block 2660, Lot 6 (South Ward), in order for Telephone Heights Preservation Urban Renewal Associates, LP to meet the New Jersey Housing and Mortgage Finance Agency deadline of June 15, 2018 to close on the financing.
Ordinance No(s).: Ordinance 6F-b, adopted on first reading by the Municipal Council on May 23, 2018. Ordinance 6PSF-a(S) is scheduled for a public hearing, second reading and final passage.
Additional Information:
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WHEREAS, Telephone Heights Preservation Urban Renewal Associates, L.P., 77 Park Street, Montclair, New Jersey 07042, 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 the rehabilitation of an existing affordable housing project, including without limitation, bathroom and kitchen upgrades and energy efficiency improvements, located on real property commonly known as 176-182 Avon Avenue, Newark, New Jersey and identified on the City’s tax map as Block 2660, Lot 6 (the “Project”); and
WHEREAS, the above Tax Abatement Application was advanced and adopted on first reading by the Municipal Council on May 23, 2018 through Ordinance 6F-b and is scheduled for a public hearing, second reading and final passage, as Ordinance 6PSF-a(S), on June 7, 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 June 15, 2018 deadline to close on the financing; and
WHEREAS, in order for the Redeveloper to meet the June 15, 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 June 15, 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 June 15, 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-a if adopted on June 7, 2018 shall take immediate effect upon the Mayor’s signature and publication.
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(S), granting a thirty (30) year tax abatement to Telephone Heights Preservation Urban Renewal Associates, L.P., 77 Park Street, Montclair, New Jersey 07042 for the property commonly known as 176-182 Avon Avenue, Newark, New Jersey and identified on the City’s tax map as Block 2660, Lot 6 (South 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 June 15, 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(S), granting a thirty (30) year tax abatement to Telephone Heights Preservation Urban Renewal Associates, L.P., 77 Park Street, Montclair, New Jersey 07042 for the property commonly known as 176-182 Avon Avenue, Newark, New Jersey and identified on the City’s tax map as Block 2660, Lot 6 (South 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 June 15, 2018 and to address the much needed affordable housing in the City of Newark.