Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for Approval
of Proposed Issuance of Redevelopment Area Bonds
Name of Project(s): Matrix/SJP Urban Renewal - Construction of Panasonic Corporate Headquarters
Amount to be Financed: $ 10,541,703.00
Funding Source: Redevelopment Area Bonds
Local Finance Board meeting date(s): December 5, 2012
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
Additional Information:
Entity Name and Address; Matrix/SJP Riverfront Plaza I Urban Renewal , L.L.C., c/o SJP Properties, Morris Corporate Center IV, 379 Interpace Parkway, Parsippany, New Jersey 07054
Project Site Block and Lots: Block 136, Lot 63.02 and an overhang above Block 136, Lot 63.01
No Action Taken, November 20, 2012
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WHEREAS, the City of Newark, in the County of Essex, New Jersey (the “City”) desires to enter into a Financial Agreement (the “Financial Agreement”) with Matrix/SJP Riverfront Plaza I Urban Renewal, L.L.C. ,c/o SJP Properties, Morris Corporate Center IV, 379 Interpace Parkway, Parsippany, New Jersey 07054
(the “Owner URE”) under the provisions of the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq. (the “Tax Exemption Law”), and the Redevelopment Area Bond Financing Law, N.J.S.A. 40A:12A-64 et seq. (the “Redevelopment Bond Law”), in support of a redevelopment project to be undertaken, on Block 136 Lot 63.02 and an overhang above Block 136 Lot 63.01, by the Owner URE consisting generally of the construction of a 12-story, approximately 337,543 square foot office building (the “Project”), within a designated “area in need of redevelopment” located within the City; and
WHEREAS, upon completion of the Project, the Owner URE shall lease to Panasonic Corporation of North America (“Panasonic”) approximately 279,647 square ...
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