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AN ORDINANCE AMENDING ORDINANCE 6PSF-D, MARCH 18, 2015 AND RESTATING ORIGINAL TAX ABATEMENT GRANTED TO MONTGOMERY TWO HOUSING URBAN RENEWAL, LLC, THE OWNER OF AN APARTMENT COMPLEX LOCATED ON PROPERTY COMMONLY KNOWN AS 685-715 DR. MARTIN LUTHER KING, JR., BOULEVARD AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 2559, LOT 7 (CENTRAL WARD).
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WHEREAS, on March 18, 2015, the Newark Municipal Council adopted Ordinance 6PSF-d granting a long term tax abatement to Montgomery Two Housing Urban Renewal, LLC c/o Pennrose Properties, 230 Wyoming Avenue, Kingston, Pennsylvania 18704, consisting of the construction of one hundred fifty-four (154) affordable housing units and approximately 7,000 square feet of commercial/retail space located at 685-715 Dr. Martin Luther King, Jr. Boulevard and identified on the City tax map as Block 2559, Lot 7 (Central Ward) (the "Project"); and
WHEREAS, the City and Montgomery Two Housing Urban Renewal, LLC, subsequently executed a Financial Agreement governing the Project on June 15, 2015 (the "Original Financial Agreement"); and
WHEREAS, The New Jersey Housing and Mortgage Finance Agency ("NJHMFA") has requested certain changes to the Financial Agreement including correction in the term of years, inclusion of the date, and a change in the definition of "Minimum Annual Service Charge"; and
WHEREAS, these revisions to the Financial Agreement will allow Montgomery Two Housing Urban Renewal, LLC, to close it's financing with NJHMFA.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The Mayor and/or his designee, the Deputy Mayor/Director of the Department of Economic and Housing Development is/are hereby authorized to execute, on the City's behalf, the Amended and Restated Financial Agreement in the form attached hereto, for property commonly known as 685-715 Dr. Martin Luther King, Jr. Boulevard, for the construction of ...
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