Title
Dept./ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Subordination and Intercreditor and Estoppel Agreements
Purpose: Issuance of Estoppel Certificate and Subordination Intercreditor Agreement.
Entity Name: Two Center Street Urban Renewal, L.L.C.
Entity Address: c/o Dranoff Properties, Inc., 755 South Broad Street, Philadelphia, Pennsylvania 19147
Sale Amount: $0.00
Cost Basis: ( ) $ PSF ( ) Negotiated ( X ) N/A ( ) Other:
Assessed Amount: $0.00
Appraised Amount: $0.00
Contract Period: Not Applicable
Contract Basis ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
(X) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a
List of Property: 34-40 Park Place
(Address/Block/Lot/Ward)
Block 125, Lot 26/ Central Ward
Additional Information:
Ordinance 6PSF-h adopted on July 7, 2016, authorized the execution of an Amended Restated Financial Agreement.
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WHEREAS, pursuant to Ordinance 6PSF-h adopted on July 7, 2016, the Municipal Council granted 20 year tax abatement to Two Center Street Urban Renewal, L.L.C. (the "URE"), under the provisions of 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 project to construct a 22-story mixed used rental residential, office, and retail project, located at 34-40 Park Place and identified on the Official Tax Map of the City of Newark, as Block 125, Lot 26 (the "Project"); and
WHEREAS, on or about August 29, 2016, the City of Newark and Two Center Street Urban Renewal executed an Amended Restated Financial Agreement setting forth the terms and conditions of the tax abatement, a copy of which is attached hereto as "Exhibit A"; and
WHEREAS, the URE is in the process of refinancing its loan for the Project (the "R...
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