Title
Dept/ Agency: Economic Housing and Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Approving Assignment Agreement
Project Information: RESOLUTION OF THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK CONSENTING TO THE ASSIGNMENT OF THE FINANCIAL AGREEMENT FROM LINCOLN PARK LIHTC, LLC TO LINCOLN PARK KRM, LLC FOR AN AFFORDABLE HOUSING PROJECT LOCATED AT 26-28 WEST KINNEY STREET, 22-24 WEST KINNEY STREET, 18-20 WEST KINNEY STREET, 15-17 LINCOLN PARK, 65 LINCOLN PARK, BLOCK 117, LOTS 1, 3, 6, BLOCK 118, LOT 31, BLOCK 123, LOT 33 ON THE TAX MAP OF THE CITY, (COLLECTIVELY, THE "PROJECT")CENTRAL WARD)
Additional Information:
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WHEREAS, on April 1, 2009, the Municipal Council adopted Resolution 7R7-h, authorizing the City of Newark to enter into and execute a long term tax abatement, pursuant to N.J.S.A. 55:14K-1 et seq., with Lincoln Park LIHTC, LLC (the "Assignor""), for a term of thirty (30) years from substantial completion of the Project, for the construction, development, maintenance and operation of a residential project consisted of seventy (70) affordable and mixed-income residential rental units and commercial rental units (the "Project"), on land which is identified on the Official Tax Map of the City of Newark as Block 117, Lots 1, 3, 6, Block 118, Lot 31 and Block 123, Lot 33, more commonly known as 26-28 West Kinney Street, 22-24 West Kinney Street, 18-20 West Kinney Street, 15-17 Lincoln Park and 65 Lincoln Park (the "Property") (A copy of the original application from Assignor seeking a long term tax exemption is attached hereto as Exhibit A); and
WHEREAS, on January 6, 2010, Newark Municipal Council adopted Resolution 7R3-h amending, at the request of New Jersey Housing and Mortgage Finance Agency (the "HMFA'), the Project to consist of sixty-six (66) affordable residential rental units (the "Amended Project") (Copies of Resolution 7R7-h adopted on April 1, 2009 and Resolution 7R3-h adopted on Januar...
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