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AN ORDINANCE AMENDING THE ORIGINAL TAX ABATEMENT GRANTED TO NEWARK 40 E. PARK URBAN RENEWAL, LLC, 128 MAIN AVENUE, PASSAIC, NEW JERSEY 07055, PURSUANT TO THE LONG TERM TAX EXEMPTION LAW TO EXTEND THE TIMEFRAME TO CONSTRUCT THE PROJECT CONSISTING OF THE RENOVATION OF A VACANT, ABANDONED BROWNSTONE OFFICE BUILDING INTO FIFTEEN (15) MARKET RATE RESIDENTIAL UNITS LOCATED ON REAL PROPERTY FORMERLY KNOWN AS 40 EAST PARK STREET AND 36-38 AND 40 KITCHELL STREET, NEWARK, NEW JERSEY 07102 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 126, LOTS 1, 2 AND 52, WHICH HAS BEEN MERGED AND IS NOW KNOWN AS 35-47 MULBERRY STREET, BLOCK 126, LOT 1. (CENTRAL WARD)
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WHEREAS, on September 8, 2016, the Municipal Council adopted Ordinance 6PSF-c (the "Ordinance", a copy of which is attached hereto as Exhibit A) granting a fifteen (15) year tax abatement to Newark 40 E. Park Urban Renewal, LLC, an urban renewal entity qualified to do business under the provisions of 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"), 128 Main Avenue, Passaic, New Jersey 07055 (the "Entity"), for a project to renovate a vacant, abandoned brownstone office building into fifteen (15) market rate residential rental units, located on real property commonly known as 40 East Park Street and 36-38 and 40 Kitchell Street, Newark, New Jersey 07102 and identified on the Official Tax map of the City of Newark, as Block 126, Lots 1, 2 and 52, which has been merged and is now known as 35-47 Mulberry Street, Block 126, Lot 1 (the "Project")
WHEREAS, the Parties entered into a Financial Agreement on November 10, 2016, (the "Original Financial Agreement", a copy of which is attached hereto as Exhibit B); and
WHEREAS, construction of the Project was delayed and the Project has not been completed within the timeframe set forth in the Original Financial Agreement; and
WH...
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