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AN ORDINANCE AMENDING THE TAX ABATEMENT GRANTED TO NEW IRVINE TURNER APARTMENTS URBAN RENEWAL, LLC, 122 EAST 42ND STREET, SUITE 4900, NEW YORK, NEW YORK 10168, PURSUANT TO THE LONG TERM TAX EXEMPTION LAW TO EXTEND THE TIMEFRAME TO CONSTRUCT THE PROJECT CONSISTING OF THE REHABILITATION OF (4) BUILDINGS CONTAINING (94) AFFORDABLE HOUSING UNITS, INCLUDING, WITHOUT LIMITATION, INSTALLATION OF NEW KITCHENS, BATHS, RADIATORS, BOILERS, HOT WATER HEATERS, ELEVATORS AND CONSTRUCTION OF A NEW COMMUNITY BUILDINGS ON ONE OF THE EXISTING PARKING LOTS, LOCATED AT 385-391, 393-395, 396-402, 397-403, AND 416-432 IRVINE TURNER BOULEVARD, NEWARK, NEW JERSEY 07108 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2675, LOTS 40, 41, AND 44, BLOCK 2678, LOT 16 AND BLOCK 2693, LOT 7 (SOUTH WARD).
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WHEREAS, on March 20, 2019, the Municipal Council adopted Ordinance 6PSF-b (the "Ordinance", a copy of which is attached hereto as Exhibit A), granting a long term tax abatement to Irvine Turner Apartments Urban Renewal, LLC (the "Original Developer"), pursuant to 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"), for a thirty (30) year term for a Project to rehabilitate four (4) buildings containing ninety-four (94) affordable housing units, including, without limitation, installation of new kitchens, baths, radiators, boilers, hot water heaters, elevators and construction of a new community buildings on one of the existing parking lots, located at 385-391, 393-395, 396-402, 397-403, and 416-432 Irvine Turner Boulevard, Newark, New Jersey 07108 and identified on the Official Tax Map of the City of Newark, as Block 2675, Lots 40, 41, and 44, Block 2678, Lot 16 and Block 2693, Lot 7 (the "Project"); and
WHEREAS, on April 9, 2019, the City of Newark (the "City") entered into a Financial Agreement with the Original Developer, governing the tax abat...
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