Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Assignment of Contract Agreement
Purpose: To consent to the assignment of the Financial Agreement from Cathedral Park Associates, LP to Cathedral Park Apartments Urban Renewal, LLC for an affordable housing project located at 147-153 Clifton Avenue.
Entity Name: Cathedral Park Urban Renewal Apartments, LLC
Entity Address: 691 Elizabeth Avenue, Suite 2, Newark, New Jersey 07112
Contract Amount: $0.00
Funding Source: $0.00
Contract Period: N/A
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( X ) n/a
List of Property:
(Address/ Block/Lot/Ward)
147-153 Clifton Avenue/Block 491/Lot 54
Additional Information:
Original Tax Abatement granted by Resolution 7RB-k adopted on September 16, 1981.
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WHEREAS, on September 16, 1981, the Municipal Council adopted Resolution 7RB-k, granting a long term tax abatement to Cathedral Park Associates, LP ("Assignor") pursuant to the Limited Dividend Non-Profit Housing Corporations or Associations Law, N.J.S.A. 55:16-1 et seq., for the construction of a forty-eight (48) unit affordable housing project located at 147-153 Clifton Avenue, also known as 88-92 Mt. Prospect Avenue, and designated as Block 491, Lot 54 on the Official Tax Map of the City of Newark (the "Project"); and
WHEREAS, as authorized under Resolution 7RB-k adopted on September 16, 1981, the City of Newark (The "City") entered into a Financial Agreement with Assignor governing the tax abatement for the Project (the "Financial Agreement"); and
WHEREAS, as set forth in Sections 4 and 9 of the Financial Agreement, the Project shall be exempt from taxation for a period equal to the lesser of: (i) fifty (50) years from the completion ...
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