Title
AN ORDINANCE CONSENTING TO THE TRANSFER OF THE PROJECT TO ACQUIRE AND SUBSTANTIALLY RENOVATE (12) EXISTING MID-RISE ELEVATOR AND WALK-UP BUILDINGS CONSISTING OF APPROXIMATELY (241) AFFORDABLE HOUSING RENTAL UNITS AND ON-SITE COMMUNITY AMENITIES, TO BE ORIGINALLY LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 31-41 E. KINNEY, 9 SCOTT STREET, 72-76 ORCHARD STREET, 11-31 PENNINGTON STREET, 1078-1082 BROAD STREET, 146-158 ORCHARD STREET, AND 81-83 LINCOLN PARK, NEWARK, NEW JERSEY 07102 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 884, LOTS 1, 3, AND 31, BLOCK 885, LOTS 41, 42, AND 43, BLOCK 893, LOTS 2, 3, 4, 6, 34, 36, 37, AND 38, BLOCK 894, LOTS 1, AND 4, BLOCK 895, LOTS 44, 46, AND 48, AND BLOCK 2826, LOTS 24, AND 25, FROM ESSEX PLAZA OWNER TWO, LLC TO ESSEX PLAZA PRESERVATION TWO, LLC AND AMENDING THE TAX ABATEMENT GRANTED THERETO.
body
WHEREAS, on July 20, 2021, the Municipal Council adopted Ordinance 6PSF-i(S), a copy of which is attached hereto as Exhibit A, granting a thirty (30) year tax abatement to Essex Plaza Owner Two, LLC (the "Original Developer") having its principal office at c/o Fairstead, 250 West 55th Street, 35th Floor, New York, New York, 10019, 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 a project to acquire and substantially renovate twelve (12) existing mid-rise elevator and walk-up buildings consisting of approximately (241) affordable housing rental units and on-site community amenities, located on real property commonly known as 31-41 E. Kinney Street, 9 Scott Street, 72-76 Orchard Street, 11-31 Pennington Street, 1078-1082 Broad Street, 146-158 Orchard Street, and 81-83 Lincoln Park, Newark, New Jersey 07102 and identified on the Official Tax Map of the City of Newark, as Block 884, Lots 1, 3, and 31, Block 885, Lots 41, 42, and 43, Block 893, Lots 2, 3, 4, 6, 34, 36, 37, and 38, Block 894, Lo...
Click here for full text