Title
AN ORDINANCE AUTHORIZING THE ASSIGNMENT AND ASSUMPTION OF THE FINANCIAL AGREEMENT FROM 306 MLK BLVD URBAN RENEWAL COMPANY, LLC ("ASSIGNOR") TO QOZB ELLAVOZ NEWARK URBAN RENEWAL COMPANY, LLC ("ASSIGNEE") AND AMENDMENT NO. 1 TO FINANCIAL AGREEMENT TO AMEND THE PROJECT DESCRIPTION AND AMEND CONSTRUCTION SCHEDULE FOR THE PROJECT, LOCATED IN THE CENTRAL WARD AT 292-306 DR. MARTIN LUTHER KING JR. BOULEVARD, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 42, LOT 44.01.
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WHEREAS, on November 26, 2019, the Newark Municipal Council adopted Ordinance 6PSF-a(s) granting a long term tax abatement to 306 MLK BLVD Urban Renewal Company, LLC a New Jersey urban renewal entity qualified to do business under the provisions of the Long Term Tax Exemption Law, with an address of 45 Academy Street, Suite 503, Newark, New Jersey 07102 (the "Assignor") pursuant to the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq. for the for a thirty (30) year term for a project to preserve and rehabilitate a vacant historic structure into twenty-one (21) market rate and four (4) deed restricted affordable residential rental units and 47,358 square feet of nonprofit office and program space (collectively, the "Project"), located in the Central Ward at 292-306 Dr. Martin Luther King Jr. Boulevard, Newark, New Jersey and identified on the City's tax map as Block 42, Lot 44.01 (the "Property") and
WHEREAS, as authorized under Ordinance 6PSF-a(s) on December 19, 2019, the City entered into a Financial Agreement with Assignor governing the tax abatement for the Project (the "Financial Agreement", a copy of which is attached hereto as Exhibit A"); and
WHEREAS, on February 13, 2025, QOZB Ellavoz Newark Urban Renewal Company, LLC a New Jersey urban renewal entity qualified to do business under the provisions of the Long Term Tax Exemption Law, with an address of 917 Main Street, 2nd Floor Belmar, New Jersey 07719 (the "Assignee") purchase...
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