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AN ORDINANCE AMENDING THE ORIGINAL TAX ABATEMENT GRANTED TO KOMAIN PROPERTIES URBAN RENEWAL, LLC, 300 WILSON AVENUE, NEWARK, NEW JERSEY 07105, PURSUANT TO THE LONG TERM TAX EXEMPTION LAW TO EXTEND THE TIMEFRAME TO CONSTRUCT THE OFF-SITE SENIOR AFFORDABLE HOUSING RENTAL UNITS IN CONNECTION WITH THE PROJECT TO CONSTRUCT A FIVE (5) STORY MIXED-USE BUILDING CONTAINING A TOTAL OF SIXTY (60) MARKET RATE HOUSING UNITS, EIGHTY NINE (89) PARKING SPACES AND 2,076 SQUARE FEET OF ACCESSORY AMENITY/RETAIL SPACE, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 96-112 MAIN STREET, NEWARK, NEW JERSEY 07105 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2057, LOT 28. (EAST WARD)
No Action Taken 6PSF-y (s) 081721
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WHEREAS, on December 19, 2019, the Municipal Council adopted Ordinance 6PSF-b (the "Ordinance", a copy of which is attached hereto as Exhibit A) granting a thirty (30) year tax abatement to Komain Properties 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 300 Wilson Avenue, Newark, New Jersey 07105 (the "Entity"), for a project to construct a new five (5) story mixed use building containing a total of sixty (60) market rate housing units, eighty nine (89) parking spaces and 2,076 square feet of accessory amenity/retail space, located on real property commonly known as 96-112 Main Street, Newark, New Jersey 07105 and identified on the Official Tax Map of the City of Newark, as Block 2057, Lot 28 (the "Project"); and
WHEREAS, the Parties entered into that certain Financial Agreement, dated February 7, 2020, (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, in addition to the Project, the Original Financial ...
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