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THIS ORDINANCE SECURES BONDS OR OTHER OBLIGATIONS ISSUED IN ACCORDANCE WITH THE PROVISIONS OF THE "REDEVELOPMENT AREA BOND FINANCING LAW" AND THE LIEN HEREOF IN FAVOR OF THE OWNERS OF SUCH BONDS OR OTHER OBLIGATIONS IS A MUNICIPAL LIEN SUPERIOR TO ALL OTHER NON-MUNICIPAL LIENS HEREINAFTER RECORDED.
AN ORDINANCE GRANTING A THIRTY YEAR (30) YEAR TAX ABATEMENT TO 20 BRANFORD URBAN RENEWAL LLC, C/O PARAMOUNT ASSETS, LLC, 45 ACADEMY STREET, 5TH FLOOR, NEWARK, NEW JERSEY 07102 FOR A PROJECT TO CONSTRUCT EIGHTY-ONE (81) RESIDENTIAL UNITS, WHICH SHALL BE COMPRISED OF SIXTY-FIVE (65) MARKET RATE RESIDENTIAL RENTAL UNITS (THE "MARKET RATE RENTAL UNITS") AND SIXTEEN (16) AFFORDABLE HOUSING RENTAL UNITS (THE "AFFORDABLE HOUSING RENTAL UNITS" AND TOGETHER WITH THE MARKET RATE RENTAL UNITS, THE "RENTAL UNITS"), OF WHICH TWO (2) UNITS SHALL BE RESTRICTED TO TENANTS AT 40% OF AREA MEDIAN INCOME ("AMI"), THREE (3) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% AMI AND ELEVEN (11) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% AMI, 3,974 SQUARE FEET OF RETAIL SPACE (THE "RETAIL") AND SIGNIFICANT BELOW GRADE AND ABOVE GRADE INFRASTRUCTURE IMPROVEMENTS LOCATED ON PROPERTY KNOWN AS 20-24 BRANFORD PLACE, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 57, LOT 161 (CENTRAL WARD) AND AUTHORIZING THE EXECUTION AND DELIVERY OF A FINANCIAL AGREEMENT AND OTHER APPLICABLE DOCUMENTS RELATED TO THE ISSUANCE OF REDEVELOPMENT AREA BONDS (NON-RECOURSE TO THE FULL FAITH AND CREDIT OF THE CITY), AUTHORIZING THE ISSUANCE OF THE REDEVELOPMENT AREA BONDS IN A PRINCIPAL AMOUNT NOT TO EXCEED $500,000 AND DETERMINING VARIOUS OTHER MATTERS IN CONNECTION THEREWITH
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WHEREAS, 20 Branford Urban Renewal, LLC, c/o Paramount Assets, LLC, 45 Academy Street, 5th Floor, Newark, New Jersey 07102, filed an application with the Mayor seeking a long term tax abatement under the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq. (the "Tax Exemption Law") for a thirty (30) year term fo...
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