Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Assignment of Contract Agreement
Purpose: Consenting to the assignment of Financial Agreement from Irvine Turner Apartments Urban Renewal, LLC to New Irvine Turner Apartments Urban Renewal, LLC for an affordable housing project located at 385-391, 393-395, 396-402, 397-403, and 416-432 Irvine Turner Boulevard, Newark, New Jersey 07108 and identified on the Official Tax Map of the City of Newark, as Block 2675, Lots 40, 41, 44; Block 2678, Lot 16; and Block 2693, Lot 7 (South Ward).
Entity Name: New Irvine Turner Apartments Urban Renewal, LLC
Entity Address: c/o The NHP Foundation, 122 E. 42nd Street, Suite 4900, New York, New York 10168
Contract Amount: N/A
Funding Source: N/A
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 )
397-403 Irvine Turner Boulevard/Block 2675/ Lot 40/South Ward
393-395 Irvine Turner Boulevard/Block 2675/Lot 41/South Ward
385-391 Irvine Turner Boulevard/Block 2675/Lot 44/South Ward
396-402 Irvine Turner Boulevard/Block 2678/Lot 16/South Ward
416-432 Irvine Turner Boulevard/Block 2693/Lot 7/South Ward
Additional Information:
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WHEREAS, on March 20, 2019, the Municipal Council adopted Ordinance 6PSF-b, granting a long term tax abatement to Assignor pursuant to the Long Term Tax Exemption Law as amended and supplemented, N.J.S.A. 40A:20-1, et seq. (the "Long Term Tax Exemption Law"), for a thirty (30) year term for a project to rehabilitate four (4) buildings containing ninety-four (94) affordable housing units, including, without limitation, installation of new kitchens, baths, radiators, boilers, hot water heaters, elevators an...
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