Title
ORDINANCE AUTHORIZING AND APPROVING AN AMENDED AND RESTATED FINANCIAL AGREEMENT, ORIGINALLY APPROVED BY ORDINANCE 6PSF-g ADOPTED ON DECEMBER 19, 2018, WHICH APPROVED AND GRANTED A TAX ABATEMENT TO 155 WASHINGTON STREET URBAN RENEWAL, LLC, 155 WASHINGTON STREET, NEWARK, NEW JERSEY 07102 (C/O L&M, 1865 PALMER AVENUE, SUITE 203, LARCHMONT, NEW YORK 10538) FOR THE EARLIER OF THIRTY (30) YEARS FROM THE DATE OF EXECUTION OF THE FINANCIAL AGREEMENT, OR TWENTY-FIVE (25) YEARS FROM THE DATE OF SUBSTANTIAL COMPLETION OF THE PROJECT, OR THE DATE WHEN NO BOND REMAINS OUTSTANDING, FOR A PROJECT TO CONSTRUCT APPROXIMATELY 249 MARKET RATE RENTAL UNITS, 4,000 SQUARE FEET OF OFFICE SPACE, AND 6,000 SQUARE FEET OF RETAIL SPACE LOCATED ON PROPERTY KNOWN AS 141-149, 151-153, 155, 157-159 WASHINGTON STREET AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 66, LOTS 12, 13, 38, 42, 43, 44, 45, 45-B01, 47, AND 47-B01 (CENTRAL WARD).
Deferred 6PSF-b 012220
Amended 6PSF-a (s) 012820
Deferred 6PSF-c 020520
Deferred 6PSF-a (s) 021120
Amended 6PSF-a 021920
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WHEREAS, on December 19, 2018, the Newark Municipal Council adopted Ordinance 6PSF-g(S) (the "Ordinance") which: (a) granted a long term tax abatement to 155 Washington Street Urban Renewal, LLC (the "Entity"), 155 Washington Street, Newark, New Jersey 07102 (c/o L&M, 1865 Palmer Avenue, Suite 203, Larchmont, New York 10538), for the earlier of thirty (30) years from the date of the execution of the Financial Agreement, or twenty-five (25) years from the date of substantial completion of the Project, or the date when no bond remains outstanding, for a Project to rehabilitate and renovate an existing 220,000 square feet building that will house up to 220 market rate residential units, up to 4,000 square feet of non-residential, institutional space, up to 6,000 square feet of retail; and a new construction element of up to 30,000 square feet resulting in up to 29 market rate residential units located on prop...
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