Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing (X ) Amending
Type of Service: Application for an extension of a Long-Term Tax Abatement
Purpose: Amending original abatement granted under the Limited Dividend Law to extend for an additional 3 years
Entity Name: Wesley Towers Corporation
Entity Address: 227 Market Street, Newark, New Jersey 07102
Abatement Period: Extend term of tax abatement an additional 3 years for a total of 50 years
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)
444 Mt. Prospect Avenue/Block 629/Lot 7/ North Ward
Additional Information:
Resolution 7RX 021765; granted tax abatement
Resolution 7Rj 100566; authorized execution of financial agreement for tax abatement
Resolution 7Rbs 040391; rescinded tax abatement for nonpayment of pilot and authorized a payment plan
Resolution 7Rdv(AS) 080196; reinstated tax abatement amended pilot formula from 15% to 7.4% of gross shelter rents
body
WHEREAS, on February 17, 1965, the Newark Municipal Council adopted Resolution 7Rx granting a long term tax abatement to Wesley Towers Corporation ("Wesley Towers"), a non-profit corporation with an address of 227 Market Street, Newark, New Jersey 07102 formed and operating 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 a senior affordable housing project located at 444 Mt. Prospect Avenue and identified on the City tax map as Block 629, Lot 7 (the "Project"); and
WHEREAS, on October 5, 1966, the Municipal Council adopted Resolution 7RJ authorizing the Mayor to execute a financial agreement with Wesley ...
Click here for full text