Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Assignment of Contract Agreement
Purpose: Resolution consenting to the Assignment of the Financial Agreement from 75 First Street Associates Urban Renewal Entity, LLC, to Jonah Realty Urban Renewal, LLC for a Commercial Retail Project located at 75-85 First Street/65-103 Dickerson Street.
Entity Name: Jonah Realty Urban Renewal, LLC
Entity Address: c/o Tropical Cheese Industries, Inc., 450 Fayette Street, Perth Amboy, New Jersey 08861
Contract Amount: Not Applicable
Funding Source: Not Applicable
Contract Period: Not Applicable
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a
List of Property:
(75-85 First Street/65-103 Dickerson Street and designated as Block 1880, Lot 1)
Additional Information:
Deferred 7R2-j 121521
Deferred 7R2-b 010522
body
WHEREAS, on March 22, 2011, Municipal Council adopted Ordinance 6PSF-a(S) granting a long term tax abatement to 75 First Street Associates Urban Renewal Entity, LLC, 919 Franklin Avenue, Newark, New Jersey 07107 (the "Assignor") pursuant to the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq. for the construction of a one (1) story commercial retail building and associated parking located at 75-85 First Street/65-103 Dickerson Street and designated as Block 1880, Lot 1 on the Official Tax Map of the City of Newark (the "Project"); and
WHEREAS, as authorized under Ordinance 6PSF-a(S), the City of Newark (the "City") entered into a Financial Agreement with the Assignor governing the tax abatement for the Project (the "Financial Agreement"); and
WHEREAS, Jonah Realty Urban Renewal, LLC, c/o Tropical Cheese Industries, Inc., 450 Fayette Street, Perth Amboy, New Jersey 08...
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