Title
[Enter Text Here]Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Transfer Application for Long-Term Tax Abatement
Purpose: Assignment and Assumption of the Financial Agreement governing the Project from the Assignor to the Assignee
Entity Name: Villa Victoria Urban Renewal, L.L.C.
Entity Address: 719 St. James Place, East Windsor, New Jersey 18520-4630
Abatement Period: Term of tax abatement remaining years upon transfer expiring on September 30, 2018.
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:
(Address/Block/Lot/Ward)
2-54 Cutler Street /Block 474/ Lot 1/Central Ward
Additional Information:
Original tax abatement granted by Resolution 7RSA 092678
body
WHEREAS, on September 26, 1978, the Newark Municipal Council adopted Resolution 7RSA granting a long term tax abatement to St. Lucy's Development Corporation - Villa Victoria, Inc. ("St. Lucy's")., a New Jersey limited dividend partnership, under the Limited Dividend Non-Profit Housing Corporations or Associations law, N.J.S.A. 55:16-1 et seq. (the "Limited Dividend Law") for an affordable housing project located at 2-54 Cutler Street and designated as Block 474, Lot 1 on the Official Tax Map of the City of Newark (the "Project"); and
WHEREAS, as authorized under Resolution 7RSA 092678, the City entered into a Financial Agreement with St. Lucy's governing the tax abatement for the Project (the "Financial Agreement"); and
WHEREAS, on October 4, 1979, the City, St. Lucy's and Villa Victoria Associates, LTD ("Victoria Associates") entered into that certain Assignment and Assumption of Tax Agreement whereby St. Lu...
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