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AN ORDINANCE AMENDING THE TAX ABATEMENT GRANTED TO OAK TOWERS URBAN RENEWAL ENTITY, LLC, 641 LEXINGTON AVENUE, 13TH FLOOR, NEW YORK, NEW YORK 10022, PURSUANT TO THE LONG TERM TAX EXEMPTION LAW TO EXTEND THE TIMEFRAME FOR THE DEVELOPER TO COMPLETE CONSTRUCTION OF THE PROJECT AND TO REVISE AND ADD ADDITIONAL NECESSARY PROVISIONS FOR THE PROJECT CONSISTING OF THE REHABILITATION OF (2) EXISTING BUILDINGS CONTAINING (76) AFFORDABLE HOUSING RESIDENTIAL RENTAL UNITS, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS, 2-30 STRATFORD PLACE, NEWARK, NEW JERSEY 07108 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2668, LOTS 1, 9, 12-15.
Deferred 6PSF-f 090524
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WHEREAS, on December 7, 2021, the Municipal Council adopted Ordinance 6PSF-b(S), (the “Ordinance”), a copy of which is attached hereto as Exhibit A, granting a long term tax abatement to Oak Towers Urban Renewal, LLC, (the “Entity”) pursuant to the Long Term Tax Exemption Law, for a twenty (20) year term for a project to rehabilitate two (2) existing buildings containing seventy-six (76) affordable housing residential rental units, (the “Project”) located on real property commonly known as 2-30 Stratford Place, Newark, New Jersey 07108, and identified on the Official Tax Map of the City of Newark, as Block 2668, Lots 1, 9, 12-15 (collectively, the “Project”); and
WHEREAS, on February 2, 2022, the Entity and the City entered into a Financial Agreement governing the tax abatement for the Project (the “Original Financial Agreement”), a copy of which is attached hereto as Exhibit B, and together with this Amendment #1 to Financial Agreement, (the “Financial Agreement”) governing the Project; and
WHEREAS, the Original Financial Agreement needs to be amended to extend the timeframe for the Developer to complete construction of the Project and to revise and add additional necessary provisions.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The Mayor of the City of Newark is hereby authorized to enter into and execute, on the City’s behalf, the Amendment #1 to Financial Agreement in the form attached hereto as Exhibit C.
2. An executed copy of the Amendment #1 to Financial Agreement authorized by this Ordinance shall be filed and maintained with the Office of the City Clerk.
3. The Entity shall in the operation of the Project comply with all laws, so that no person shall be subject to any discrimination because of race, religious principles, color, national origin, or ancestry.
4. The Entity shall file an Employment Report (herein described below) with the Office of Affirmative Action who shall forthwith after receiving the report send a copy thereof to the City Clerk and the Office of Affirmative Action shall forthwith investigate the matters contained therein and report its findings to the Municipal Council.
5. The adoption of this Ordinance is expressly conditioned upon the requirement that the Entity pay the City all outstanding taxes and/service charges, and water/sewer charges within thirty (30) days of the date of the adoption of this Ordinance. If the Entity fails to timely satisfy these requirements, this Ordinance and the approval granted herein shall be null and void.
6. This Ordinance shall take effect upon final passage and publication in accordance with the laws of the State of New Jersey.
STATEMENT
This Ordinance authorizes Amendment #1 to the tax abatement granted to Oak Towers Urban Renewal, LLC, 641 Lexington Avenue, 13th Floor, New York, New York 10022, pursuant to the Long Term Tax Exemption Law, for a Project to two (2) existing buildings containing seventy-six (76) affordable housing residential rental units, located on real property commonly known as 2-30 Stratford Place, Newark, New Jersey 07108 and identified on the Official Tax Map of the City of Newark. as Block 2668, Lots 1, 9, 12-15 in order to extend the timeframe for the Developer to complete construction of the Project and to revise and add additional necessary provisions.