Title
Dept/ Agency: Economic Housing and Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Approving Assignment Agreement
Project Information: RESOLUTION OF THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK CONSENTING TO THE ASSIGNMENT OF THE FINANCIAL AGREEMENT FROM COTTAGE PLACE II, LLC TO COTTAGE PLACE APARTMENTS, LLC FOR AN AFFORDABLE HOUSING PROJECT LOCATED AT THE PROPERTY IS NOW COMMONLY KNOWN AS 125 WEST KINNEY STREET, 607-639 DR. MARTIN LUTHER KING, JR. BOULEVARD, 86-96 LINCOLN STREET, AND 8-24 DOLBY PLACE, AND IS CURRENTLY IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK AS BLOCK 2509, LOT 60; BLOCK 2509, LOT 1; BLOCK 2509.01, LOT 1; BLOCK 2509.02, LOT 1; AND BLOCK 2509.03, LOT 1 (COLLECTIVELY, THE "PROJECT")
Additional Information:
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WHEREAS, on October 6, 2004, the Municipal Council adopted Resolution 7RDS (AS), authorizing the City of Newark to enter into and execute a long-term tax abatement agreement with Assignor, pursuant to N.J.S.A. 55:14K-1 et seq., for a term of thirty (30) years from the date of substantial completion of a residential rental project (the "Project"); and
WHEREAS, the Project consists of one hundred (100) residential rental units, including fifteen (15) one-bedroom units, fifty-four (54) two-bedroom units, twenty-nine (29) three-bedroom units, two (2) four-bedroom units and two (2) commercial spaces; and
WHEREAS, the Project is located on property originally identified as various addresses on Lincoln Street, Dr. Martin Luther King, Jr. Boulevard, College Place, and West Kinney Street, formerly designated on the Official Tax Map of the City of Newark as Block 2509, Lot 1; Block 2509.01, Lot 1; Block 2509.02, Lot 1; and Block 2509.03, Lot 1; and
WHEREAS, the property is now commonly known as 125 West Kinney Street, 607-639 Dr. Martin Luther King, Jr. Boulevard, 86-96 Lincoln Street, and 8-24 Dolby Place, and is currently identified on the...
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