Title
Dept/ Agency: Law
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Settlement of Potential Litigation
Docket No.: Pre-Suit
Claimant: City of Newark
Claimant's Attorney: Corporation Counsel
Attorney's Address: 920 Broad Street, Suite 316, Newark, New Jersey 07102
Settlement Amount: $85,000.00
Funding Source: N/A
Additional Comments:
Essex Plaza Urban Renewal Company, LLC. will be making all payments as set forth in the terms of the Settlement Agreement.
Invitation: Corporation Counsel, March 1, 2016
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WHEREAS, on January 8, 2014, the Newark Municipal Council adopted Ordinance 6PSF-b granting a long term tax abatement to Essex Plaza Urban Renewal Company, LLC. ("Essex Plaza") for the rehabilitation of a senior citizen residential rental affordable housing project known as Essex Plaza (the "Project") located within the City of Newark at 1056-1070 Broad Street, 1048-1054 Broad Street, 15-25 Camp Street, 107 Orchard Street, 109 Orchard Street, 111 Orchard Street, 113 Orchard Street, 115 Orchard Street, 117 Orchard Street, 119-121 Orchard Street, 123-125 Orchard Street, 127 Orchard Street, 129-131 Orchard Street, 22-30 Pennington Street, 20 Pennington Street, 18 Pennington Street, and 115 Orchard Street (rear), Newark, New Jersey and identified on the official tax map of the City as Block 892, Lots 1, 16, 24, 26, 27, 28, 29, 30, 31, 33, 35, 37, 39, 40, 50, 43, 47, 48 and 53 (the "Property"), with such rehabilitation consisting of the conversion of twenty-three (23) housing units into handicap-adaptable units and the installation of a new boiler and new boiler controls, a generator, and solar, geothermal, and water conservation mechanisms, all as described more fully within the tax abatement application (the "Rehabilitation Project"); and
WHEREAS, prior to the execution of the Original Financial Agreement by the parties, Essex Plaza requested an...
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