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THIS ORDINANCE SECURES BONDS OR OTHER OBLIGATIONS ISSUED IN ACCORDANCE WITH THE PROVISIONS OF THE "REDEVELOPMENT AREA BOND FINANCING LAW" AND THE LIEN HEREOF IN FAVOR OF THE OWNERS OF SUCH BONDS OR OTHER OBLIGATIONS IS A MUNICIPAL LIEN SUPERIOR TO ALL OTHER NON-MUNICIPAL LIENS HEREINAFTER RECORDED.
AN ORDINANCE GRANTING A THIRTY YEAR (30) YEAR TAX ABATEMENT TO CSO TOWNHOUSE DEVELOPER URBAN RENEWA,L LLC, 1865 PALMER AVENUE, SUITE 203, LARCHMONT, NEW YORK 10538, FOR A PROJECT TO CONSTRUCT (15) RESIDENTIAL TOWNHOME RENTAL UNITS, OF WHICH (3) WILL REMAIN AFFORDABLE, LOCATED AT 1 CENTER STREET, NEWARK, NEW JERSEY 07102, CONDO UNIT 3, IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 17, LOT 1.02 AND AUTHORIZING THE EXECUTION AND DELIVERY OF A FINANCIAL AGREEMENT AND OTHER APPLICABLE DOCUMENTS RELATED TO THE ISSUANCE OF REDEVELOPMENT AREA BONDS (NON-RECOURSE TO THE FULL FAITH AND CREDIT OF THE CITY), AUTHORIZING THE ISSUANCE OF THE REDEVELOPMENT AREA BONDS IN A PRINCIPAL AMOUNT NOT TO EXCEED $500,000.00 AND DETERMINING VARIOUS OTHER MATTERS IN CONNECTION THEREWITH (CENTRAL WARD).
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WHEREAS, CSO Townhouse Developer Urban Renewal, LLC, 1865 Palmer Avenue, Suite 203, Larchmont, New York 10538, filed an application with the Mayor of the City of Newark seeking a long term tax abatement under the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq. (the "Tax Exemption Law") for a thirty (30) year term for a project to construct fifteen (15) townhome rental units, of which three (3) will remain affordable, located at 1 Center Street, Newark, New Jersey 07102, condo unit 3, and identified on the Official Tax Map of the City of Newark, as Block 17, Lot 1.02 (the "Project"); and
WHEREAS, pursuant to and in accordance with the provisions of the Redevelopment Area Bond Financing Law, constituting Chapter 310 of the Pamphlet Laws of 2001 of the State, and the acts amendatory thereof and supplemental thereto (the "Redevelopment Bo...
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