Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Resolution Endorsing
Purpose: Application to the Local Finance Board ("LFB") for its approval of the adoption of a proposed bond resolution authorizing the issuance of proposed Redevelopment Area Bonds of certain property commonly known as 98-126 Edison Place, Newark, New Jersey 07102, and designated as Block 159.01, Lot 11, (East Ward), in an amount not to exceed $1,000,000.00 (non-recourse to the City) to be secured by PILOT payments pursuant to the Tax Exemption Law and authorizing the execution of a Financial Agreement with respect to the same.
Additional Information:
Newark Warehouse Urban Renewal, LLC project (federally taxable, non-recourse)
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WHEREAS, pursuant to the Redevelopment Area Bond Financing Law (N.J.S.A. 40A:12A-64 et seq.) (the "Redevelopment Bond Law"), the City of Newark (the "City") desires to make an application to the Local Finance Board, in the Division of Local Government Services, New Jersey Department of Community Affairs (the "Local Finance Board") with respect to the adoption of a proposed bond resolution authorizing the proposed issuance of an amount not to exceed $1,000,000.00 (One Million Dollars and Zero Cents) Redevelopment Area Bonds (the "Bonds"), which Bonds shall be used to finance a portion of the costs of the Redevelopment Project to be undertaken by Newark Warehouse Urban Renewal, LLC (the "Entity"), an affiliate of Station Plaza Newark Downtown Core Urban Renewal Company, LLC (the "Redeveloper"), of certain property commonly known as 98-126 Edison Place, Newark, New Jersey 07102, and designated as Block 159.01, Lot 11, on the Official Tax Maps of the City (the "Property") in the Downtown Core Redevelopment Area, and a Financial Agreement with respect to same; and
WHEREAS, the Entity proposes to redevelop the Property by rehabilitating the existing six (6) story vacant ...
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