Title
ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO ALPHA DRIVE, LLC, 580 DR. MARTIN LUTHER KING, JR. BOULEVARD, NEWARK, NEW JERSEY 07103, THE OWNER OF A PROJECT CONSISTING OF A THREE STORY BUILDING CONTAINING SIX (6) AFFORDABLE HOUSING UNITS LOCATED AT 581-583 DR. MARTIN LUTHER KING, JR. BOULEVARD AND 124-132 COURT STREET (REAR) IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 2507, LOTS 55, 56 AND 62. (CENTRAL WARD).
Deferred 6PSF-c 010616
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WHEREAS, the City and High Street Heights, LLC have not executed the Financial Agreement as authorized in, Resolution 7R3-P adopted on September 6, 2012, the Prior Legislation; and
WHEREAS, on May 15, 2014 the High Street Heights, LLC transferred Block 2507, Lots 55, 56 and 62 to Alpha Drive LLC, 580 Martin Luther King Boulevard, Newark, NJ 07103 (the "Entity"); and
WHEREAS, on July 9, 2014, the Entity filed an application with the Mayor seeking a long term tax abatement pursuant to the "HMFA Law" for a term of thirty (30) years for six (6) units of affordable housing located at 581-583 Martin Luther King Boulevard and 124-132 Court Street (Rear) identified on the official tax map of the City as Block 2507, Lots 55, 56, and 62 (the "Property"), consisting of an existing three story building in disrepair, which the Entity proposes to create six (6) one bedroom apartment units on the first through third floors with community space in the basement for social and education programming (the "Project"); and
WHEREAS, on October 14, 2015, the City Municipal Council adopted Resolution 7R3-a(s) rescinding the Prior Legislation; and
WHEREAS, the Mayor has submitted the application and proposed Financial Agreement to the Municipal Council with his recommendation thereof, a copy of which is annexed hereto; and
WHEREAS, in accordance with Ordinance 6PSF-a adopted May 4, 2011, the Entity has filed with the City a sworn statement that it has not made a...
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