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 FAIRVIEW HOMES PRESERVATION, L.P. under the HMFA law for renovation of twelve three story apartment buildings with 135 residential units, and an additional unit for maintenance.
Entity Name: FAIRVIEW HOMES PRESERVATION, L.P.
Entity Address: 60 Columbus Circle, New York, NY 10023
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)
70-96 17th Avenue aka 368-408 Hunterdon Street/ Block 2547/Lot 1/Central Ward
Additional Information:
The requested PILOT formula is based on 6.28% of gross revenues.
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WHEREAS, Fairview Homes Preservation, L.P., 60 Columbus Circle, New York, NY 10023, 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 six (6) units of affordable housing located at 368-408 Hunterdon Street, and identified on the official tax map of the City as Block 2547, Lot 1 (the "Property"), consisting of the renovation of twelve three story apartment buildings with 135 residential units, and an additional unit for maintenance (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 adopted May 4, 2011, Fairview Homes Preservation, L.P. has filed with the City a sworn stat...
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