Title
AN ORDINANCE AMENDING THE TAX ABATEMENT GRANTED TO NEW CENTER CITY APARTMENTS URBAN RENEWAL, LLC, 122 EAST 42ND STREET, SUITE 4900, NEW YORK, NEW YORK 10168, PURSUANT TO THE LONG TERM TAX EXEMPTION LAW TO EXTEND THE TIMEFRAME TO CONSTRUCT THE PROJECT CONSISTING OF THE REHABILITATION OF (2) BUILDINGS CONTAINING (49) AFFORDABLE HOUSING UNITS, INCLUDING, WITHOUT LIMITATION, INSTALLATION OF NEW KITCHENS, BATHS, RADIATORS, BOILERS, HOT WATER HEATERS AND ELEVATORS, LOCATED AT 76-80 COURT STREET AND 40-44 W. KINNEY STREET, NEWARK, NEW JERSEY 07102 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 100, LOT 14 AND BLOCK 116, LOT 18 AND 20 (CENTRAL WARD).
No Action Taken 6F-a 111323
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WHEREAS, on March 20, 2019, the Municipal Council adopted Ordinance 6PSF-c, granting a long term tax abatement to Center City Apartments Urban Renewal, LLC (the "Original Developer"), pursuant to the Long Term Tax Exemption Law as amended and supplemented, N.J.S.A. 40A:20-1, et seq. (the "Long Term Tax Exemption Law"), for a thirty (30) year term for a Project to rehabilitate two (2) buildings containing forty-nine (49) affordable housing units, including, without limitation, installation of new kitchens, baths, radiators, boilers, hot water heaters and elevators, located at 76-80 Court Street and 40-44 W. Kinney Street, Newark, New Jersey 07102 and identified on the Official Tax Map of the City of Newark, as Block 100, Lot 14 and Block 116, Lot 18 and 20 (the "Project"); and
WHEREAS, on April 9, 2019, the City of Newark (the "City") entered into a Financial Agreement with Original Developer, governing the tax abatement for the Project (the "Original Financial Agreement", a copy of which is attached hereto as Exhibit B and together with this Amendment #1 to Financial Agreement, the "Financial Agreement", all terms set forth herein not otherwise defined herein shall have the meaning set forth in the Original Financial Agreement); and
WHEREAS, the...
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