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 101 14th AVENUE, LLC under the HMFA law for the construction of a 25,000 square-foot 24 unit facility designed to provide supportive housing for chronic homeless.
Entity Name: 101 14th AVENUE, LLC
Entity Address: 233 West Market Street, Newark, New Jersey 07103
Abatement Period: Thirty (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)
101 14th Avenue, and identified on the official tax map of the City as Block 274, Lots 2-5, 40 and 41 ("Lots recently merged into Lot 2")/Central.
Additional Information:
The requested PILOT formula is based on 6.28% of gross revenues.
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WHEREAS, 101 14th AVENUE, LLC, 233 West Market Street, Newark, NJ 07103, 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 the construction of a 25,000 square-foot 24 unit facility designed to provide supportive housing for chronic homeless (the "Project") on the property located at 101 14th Avenue, and identified on the official tax map of the City as Block 274, Lots 2-5, 40 and 41("Lots recently merged into Lot 2") (the "Property"); 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, the Municipal Council has determined that the relative benefits of this Project outweigh any costs associated with ...
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