Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Assignment of Contract Agreement
Purpose: Consenting to the Assignment of the Financial Agreement from S.H.E. Urban Renewal Associates, LP to Bruce Street Gardens NJ LLC of an Affordable Housing Project Located at 35-61 12th Avenue
Entity Name: Bruce Street Gardens NJ, LLC.
Entity Address: 10 Hill Street, Newark, New Jersey 07102
Contract Amount: N/A
Funding Source: N/A
Contract Period: N/A
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(35-61 12th Avenue/Block 420/Lot 1.02/ Ward)
Additional Information:
body
WHEREAS, on January 6, 1999, Newark Municipal Council adopted Resolution No.7 RDE(AS) granting a long term tax abatement to S.H.E. Urban Renewal Associates, LP ("Assignor") pursuant to the New Jersey Housing and Mortgage Finance Agency Law of 1983, as amended and supplemented, N.J.S.A. 55:14K-1 et seq. (the "HMFA Law") for the construction of four (4) buildings containing 108 rental units, a 3,500 square foot recreational and pre-school center, a 850 square foot security and management office, laundry room and one hundred sixty six (166) parking spaces located at 35-61 12th Avenue and designated as Block 420, Lot 1.02 on the Official Tax Map of the City (the "Project"); and
WHEREAS, as authorized under Resolution No.7 RDE(AS), the City entered into a Financial Agreement with the Assignor governing the tax abatement for the Project (the "Financial Agreement"); and
WHEREAS, the Assignor has entered into a contract with Bruce Street Gardens NJ LLC ("Assignee") to sell the Project, which contract requires that the City approve the transfer of the Financial Agreement to the Assignee; and
WHE...
Click here for full text