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 Lofts @ Lincoln Park Urban Renewal, LLC, 11 Florence Place, West Orange, New Jersey 07052, needs to take immediate effect so that the applicant can meet the HMFA financing deadline.
Ordinance No(s).: 6PSF-I, October 23, 2013
Additional Information:
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WHEREAS, Lofts @ Lincoln Park Urban Renewal, LLC, 11 Florence Place, West Orange New Jersey 07052 (the "Redeveloper"), filed an application with the Mayor seeking a long term tax abatement for a residential condominium project consisting of the construction of a four story building which will include twenty-four (24) condominium units along with landscaped recreation space (the "Project") on property commonly known as 90-96 Clinton Avenue (AKA 7-9 Thomas Street) and 21-33 Brunswick Street, Newark, New Jersey and identified on the official tax map of the City as Block 2826, Lots 3 (formerly Lots 2, 4, 5, 6, and 42), 35, 36, 37 and 38 (the "Property") pursuant to the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq.; and
WHEREAS, the Project is being financed, in part, by the New Jersey Housing and Mortgage Finance Agency (the "HMFA"); and
WHEREAS, the HMFA conditioned its financing of the Project upon the Redeveloper's closing on the financing and commencement of construction of the Project within certain deadlines; and
WHEREAS, the HMFA has extended these deadlines a number of times, but has indicated that the current deadlines of November 4, 2013 to submit all closing documents and of November 20, 2013 to close and commence construction must be met or the HMFA funding commitment for this Project will be withdrawn; and
WHEREAS, the Redeveloper must obtain the tax abatement for the Project in order to close on the...
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