Title
AN ORDINANCE RATIFYING AND AUTHORIZING THE CITY OF NEWARK TO ENTER INTO AN AMENDED RESTATED FINANCIAL AGREEMENT CORRECTING A FINANCIAL AGREEMENT FOR A PREVIOUSLY APPROVED FIFTEEN (15) YEAR TAX ABATEMENT TO SOMERSET URBAN RENEWAL LLC, 1865 PALMER AVENUE, SUITE 203, LARCHMONT, NEW YORK 10538, FOR A PROJECT TO ACQUIRE THIRTY-EIGHT (38) AFFORDABLE RENTAL HOUSING UNITS LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 172 SOMERSET STREET AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2589, LOT 1, TO REFLECT THE PROPER NAME OF THE PROJECT OWNER AS SOMERSET HOMES URBAN RENEWAL, LLC. (CENTRAL WARD)
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WHEREAS, on June 6, 1979, the Municipal Council adopted Resolution 7Rdo adopted on June 6, 1979, granting a tax exemption to Somerset Homes Associates, LLP for the construction of thirty-eight (38) affordable rental housing units on property located at 219-239 Clinton Avenue and designated as Block 2589, Lot 1 on the Official Tax Map of the City of Newark, under the provisions of the Limited-Dividend Nonprofit Housing Association Law (C. 55:16-1 et seq.) and authorizing the execution and delivery of that certain Financial Agreement, by and between City and the Somerset Homes Associates, LLP; and
WHEREAS, Somerset Urban Renewal LLC, 1865 Palmer Avenue, Suite 203, Larchmont, New York, New York 10538, purchased the Project from the Somerset Homes Associates, LLP and has requested an extension of the existing tax exemption pursuant to the Long Term Tax Exemption Law; and
WHEREAS, Somerset Urban Renewal, LLC filed an application with the Mayor of the City of Newark seeking a long term tax abatement under the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq., for a fifteen (15) year term for a project to acquire thirty-eight (38) affordable rental housing units on property located on real property commonly known as 172 Somerset Street and identified on the Official Tax Map of the City of Newark, as Block 2589, Lot 1 (the "P...
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