Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Resolution Endorsing a limited waiver of compliance with the provisions of Section 10.03 of the Financial Agreement authorized by Ordinance 6PSFE January 19, 2011.
Purpose: Waives non-compliance with terms of Financial Agreement resulting from the failure to obtain a postponement of a mortgage in favor of Crown Bank.
Additional Information:
810 Broad Street/Block 165/ Lot 11/East Ward
Financial Agreement approved by Ordinance 6PSFE adopted January 19, 2011.
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WHEREAS, the New Jersey Economic Development Authority (the "Authority") is issuing its Redevelopment Area Taxable Bonds (810 Broad St Urban Renewal Company LLC - 2013 Project) in an aggregate principal amount not to exceed $4,700,000.00 (the "Bonds"), for the purpose of making a loan to 810 Broad St Urban Renewal Company LLC (the "Redeveloper"); and
WHEREAS, the Bonds are being sold by the Authority to The Prudential Insurance Company of America (the "Purchaser"); and
WHEREAS, the Bonds are secured by a pledge of the "Pledged Annual Service Charge" payable by the Redeveloper under the Financial Agreement approved by Ordinance 6PSFE January 19, 2011 and dated September 22, 2011 (the "Financial Agreement") between the City of Newark (the "City") and the Redeveloper, which Financial Agreement also provides for the payment of the "Unpledged Annual Service Charge" by the Redeveloper to the City (such Pledged Annual Service Charge and Unpledged Annual Service Charge being collectively referred to herein as the "Annual Service Charge"); and
WHEREAS, in connection with the Bonds, various documents have been executed by various parties (including, but not limited to, the City), and various legal opinions have been executed by counsel to various parties (including, but not limited to, counsel to the City); and
WHEREAS, in ...
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