Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Resolution Endorsing
Purpose: Resolution of the Municipal Council Consenting to Certain Transfers of Membership Interest in Hawthorne Avon Mapes, L.P.
Additional Information:
Resolution 7Ra(S) adopted on May 8, 2007.
Hawthorne Avon Mapes, L.P., to transfer the membership interest of its general partner, Hawthorne Avon, Inc., to CAPC South Ward, LLC.
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WHEREAS, Hawthorne Avon Mapes, L.P. (the "Entity"), previously applied for a tax exemption 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 project to construct nineteen (19) affordable housing units on real property commonly known as 132-136 Hawthorne Avenue, 79-81 Mapes Avenue, 500-502 Avon Avenue, and 504-512 Avon Avenue, Newark, New Jersey 07107 identified on the Official Tax Map of the City of Newark, as Block 3571, Lot 40; Block 3657, Lot 12; Block 2642, Lot 52; Block 2641, Lots 1, 2, 3, 4 (collectively, the "Project"); and
WHEREAS, on May 8, 2007, the Municipal Council adopted Resolution 7Ra(S) granting a thirty (30) year tax abatement for the Project and authorizing the execution of the "Financial Agreement" (the "Agreement") memorializing the terms and conditions applicable to the tax exemption; and
WHEREAS, the Entity participated in the HMFA's Low Income Housing Tax Credit Program (the "LIHTC Program"); and
WHEREAS, the City of Newark (the "City") previously provided Federal HOME Funding to support the development of the properties owned by the Entity; and
WHEREAS, the general partner of the Entity is Hawthorne Avon, Inc. (the "General Partner"); and
WHEREAS, the General Partner is seeking to transfer its membership interest in the Entity to CAPC South Ward, LLC as listed on Exhibit A attached her...
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