Title
AN ORDINANCE AMENDING THE TAX ABATEMENT GRANTED TO BERGEN STREET REDEVELOPMENT URBAN RENEWAL, LLC, 935 BERGEN STREET, NEWARK, NEW JERSEY, PURSUANT TO THE LONG TERM TAX EXEMPTION LAW TO PROVIDE FOR AN EXTENSION OF TIME TO ACHIEVE SUBSTANTIAL COMPLETION OF TWO (2) NEW APARTMENT BUILDINGS, THE FIRST CONTAINING THIRTY-TWO (32) AFFORDABLE HOUSING UNITS OVER COMMERCIAL SPACE AND THE SECOND CONTAINING TEN (10) AFFORDABLE HOUSING UNITS OVER COMMERCIAL SPACE LOCATED AT 1037-1047 BERGEN STREET AND 1057-1059 BERGEN STREET, NEWARK, NEW JERSEY 07112 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 3661, LOTS 3, 5 AND 8, AND BLOCK 3660, LOT 11. (SOUTH WARD)
body
WHEREAS, on July 11, 2018, the Municipal Council adopted Ordinance 6PSF-d (the "Ordinance", a copy of which is attached hereto as Exhibit A) granting a twenty (20) year tax abatement to Bergen Street Redevelopment Urban Renewal, LLC, an urban renewal entity qualified to do business 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"), with an address of 935 Bergen Street, Newark, New Jersey 07102 (the "Entity"), for a Project to construct two (2) new residential apartment buildings, the first containing thirty-two (32) affordable housing units and the second containing ten (10) affordable housing units located at 1037-1047 Bergen Street and 1057-1059 Bergen Street, Newark, New Jersey 07112 and identified on the Official Tax Map of the City of Newark, as Block 3661, Lots 3, 5 and 8, and Block 3660, Lot 11, respectively (collectively, the "Project"); and
WHEREAS, the Parties entered into a Financial Agreement, dated as of November 15, 2018, (the "Original Financial Agreement", a copy of which is attached hereto as Exhibit B, and together with Amendment #1 to Financial Agreement, (the "Financial Agreement"); and
WHEREAS, as a result of various unforeseen delays and e...
Click here for full text