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ORDINANCE AMENDING ORDINANCE 6PSF-J, OCTOBER 17, 2013, WHICH APPROVED A LONG TERM TAX ABATEMENT FOR TWENTY (20) YEARS AND THE EXECUTION OF A FINANCIAL AGREEMENT WITH TDAF I SPRINGFIELD AVENUE HOLDING URBAN RENEWAL COMPANY, LLC, C/O TUCKER DEVELOPMENT CORPORATION, 799 CENTRAL AVENUE, SUITE 300, HIGHLAND PARK, ILLINOIS 60035, TO ADD SPRINGFIELD AVENUE GROCER URBAN RENEWAL COMPANY, LLC AND UNIVERSITY HEIGHTS RESIDENTIAL URBAN RENEWAL COMPANY, LLC, BOTH C/O TUCKER DEVELOPMENT CORPORATION, 799 CENTRAL AVENUE, SUITE 300, HIGHLAND PARK, ILLINOIS 60035, AS PARTIES TO THE FINANCIAL AGREEMENT AND ESSENTIALLY ALLOCATE THE OBLIGATIONS UNDER THE FINANCIAL AGREEMENT FOR A PROJECT LOCATED AT BLOCK 236, LOTS 1.04 AND 1.05 "GROCERY PARCEL" AND BLOCK 236, LOT 1.03, 82-110 SOUTH ORANGE AVENUE, 206-208 SPRINGFIELD AVENUE, "RESIDENTIAL COMPONENT" ON THE CITY TAX MAP. (CENTRAL WARD).
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WHEREAS, on October 17, 2013, the Municipal Council of the City adopted Ordinance 6PSF-j entitled "Ordinance Approving the Execution of a Financial Agreement with TDAF I Springfield Avenue Holding Urban Renewal Company, LLC and other applicable documents related to the authorization and issuance by the New Jersey Economic Development Authority of not to exceed $6,600,000.00, Redevelopment Area Bonds (non-recourse to the full faith and credit of the City) and determining various other matters in connection therewith", approving and authorizing the execution and delivery of a Financial Agreement with TDAF I Springfield Avenue Urban Renewal Company, LLC ("TDAF 1 Springfield Avenue URE"); and
WHEREAS, on January 8, 2014, the City and TDAF I Springfield Avenue URE entered into a Financial Agreement, as amended and supplemented (the "Original Financial Agreement"), which provided for a tax exemption and payments in lieu of taxes in respect to a portion of Block 236, Lots 1.03, Lot 1.04 and Lot 1.05 (collectively, the "Parcel"), a project consisting of (i) the construction of a b...
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