Title
Dept./ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Waiving 20-day period for an ordinance to take effect
Purpose: This resolution seeks to authorize an emergency be declared to exist for Ordinance 6PSF-c, which grants a Thirty (30) Year Tax Abatement to HVPF Lincoln Park Towers Urban Renewal, LLC, 200 Vesey Street, 24th Floor, New York, New York, 10281, for the property located at 31-33 Lincoln Park And 1-7 Crawford Street, Newark, New Jersey 07102, and identified on the Official Tax Map of the City of Newark, as Block 119, Lots 7 and 25, to become effective once adopted by the Municipal Council after Public Hearing, Second Reading and Final Passage, in accordance with N.J.S.A. 40:69A-181(b). This is due to the exigent need for the Project to meet the Newark Housing Authority bond redemption deadline and to address the need for affordable housing in the City of Newark.
Ordinance No(s).:
Ordinance 6F-a, adopted on First Reading by the Municipal Council on January 21, 2021.
Ordinance 6PSF-a is scheduled for a Public Hearing, Second Reading and Final Passage on February 3, 2021.
Additional Information:
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WHEREAS, HVPF Lincoln Park Towers Urban Renewal, LLC, 200 Vesey Street, 24th Floor, New York, New York, 10281, filed an application with the Mayor seeking a long term tax abatement pursuant to the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq., for a thirty (30) year term for a Project to acquire and rehabilitate an affordable housing project containing seventy-nine (79) low and very-low income family housing units and one (1) superintendent's unit, located at 31-33 Lincoln Park and 1-7 Crawford Street, Newark, New Jersey 07102 and identified on the Official Tax Map of the City of Newark, as Block 119, Lots 7 and 25 (collectively, the "Project"); and
WHEREAS, the above Tax Abatement Application was advanced and adopted on ...
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