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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO GK PRESERVATION LLC, 1865 PALMER AVENUE, SUITE 203, LARCHMONT, NEW YORK 10538-1053, FOR A PROJECT TO SIGNIFICANTLY REHABILITATE A FOUR HUNDRED TWENTY-TWO (422) UNIT HOUSING COMPLEX, INCLUDING TWO 18-STORY HIGH RISE BUILDINGS AND 24 TWO AND THREE STORY TOWNHOUSE STYLE BUILDINGS GROUPED IN SIX CLUSTERS, LOCATED AT 200 AND 250 GEORGIA KING VILLAGE, 4-70 LITTLETON AVENUE, 352-374 WEST MARKET STREET AND 17-49 BERGEN STREET AND IDENTIFIED ON THE CITY'S TAX MAPS AS BLOCK 1808, LOT 1, BLOCK 1832, LOT 1, BLOCK 1833, LOTS 1, 60 AND 65 AND BLOCK 1834, LOT 55. (WEST WARD)
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WHEREAS, on September 7, 2016, GK Preservation LLC, 1865 Palmer Avenue, Suite 203, Larchmont, New York 10538 (the "Entity"), filed an application with the Mayor seeking a long term tax abatement pursuant to the New Jersey Housing and Mortgage Finance Agency Law of 1983, as amended and supplemented N.J.S.A. 55:14K-1 et seq., (the "HMFA Law")); for a term of thirty (30) years for a project to significantly rehabilitate a four hundred twenty-two (422) unit housing complex, including two 18-story high rise buildings and 24 two and three story townhouse style buildings grouped in six clusters, located at 200 and 250 Georgia King Village, 4-70 Littleton Avenue, 352-374 West Market Street and 17-49 Bergen Street and identified on the City's tax maps as Block 1808, Lot 1, Block 1832, Lot 1, Block 1833, Lots 1, 60 and 65 and Block 1834, Lot 55 (the "Project"); and
WHEREAS, the real property that is the subject of this Project, has an original tax abatement for fifty (50) years which is scheduled to expire on or about the year 2023; and
WHEREAS, this original tax abatement was granted to To-Salt Renewal and Redevelopment in April of 1973, then it was assigned/transferred to Georgia King Associated, a limited-dividend housing association on December 15, 1976, then it was assigned/transferred to GKV Preservation Partnership, L.P...
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