Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Application for Long-Term Tax Abatement
Purpose: To grant a long term tax abatement, to Bergen Street Redevelopment, LLC, under the HMFA law for the construction of two (2) mixed-use buildings containing a total of sixty-six (66) affordable housing units, parking and commercial space
Entity Name: Bergen Street Redevelopment, LLC
Entity Address: 953 Bergen Street, Newark, New Jersey 07112
Abatement Period: 30 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)
1057-1059 Bergen Street/Block 3660/Lot 11/South Ward
1037-1047 Bergen Street/Block 3661/Lot(s) 3(5 & 8)/South Ward
Additional Information:
Deferred 7R3-h (as) 080515
body
WHEREAS, Bergen Street Redevelopment, LLC, 953 Bergen Street, Newark, New Jersey, 07112, (the "Entity") filed an application with the Mayor seeking a long term tax abatement pursuant to New Jersey Housing and Mortgage Finance Agency Law, N.J.S.A. 55:14K-1 et seq. ("HMFA Law") for a term of thirty (30) years for the construction of two (2) mixed-use buildings containing a total of sixty-six (66) affordable housing units, parking and commercial space located at 1057-1059 and 1037-1047 Bergen Street, Newark, New Jersey 07112 and identified on the official tax map of the City as Block 3660, Lot 11 and Block 3661, Lot(s) 3, (5 and 8) (the "Project"); and
WHEREAS, the Mayor has submitted the application and proposed Financial Agreement to the Municipal Council with his recommendation thereof, a copy of which is annexed hereto; and
WHEREAS, in accordance with Ordinance No. 6PSF-a 050411 adopted May 4...
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