Title
AN ORDINANCE AMENDING THE TAX ABATEMENT GRANTED TO 40 CLINTON URBAN RENEWAL, LLC, C/O PARAMOUNT ASSETS, LLC, 45 ACADEMY STREET, 5TH FLOOR, NEWARK, NEW JERSEY 07102, PURSUANT TO ORDINANCE 6PSF-M ADOPTED ON MAY 19, 2021, FOR A PROJECT TO REHABILITATE AN EXISTING BUILDING AND CREATE (27) MARKET-RATE RESIDENTIAL RENTAL UNITS LOCATED AT 36-40 CLINTON STREET, NEWARK, NEW JERSEY 07102 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 145, LOT 62 (CENTRAL WARD), TO CORRECT THE MINIMUM ANNUAL SERVICE CHARGE IN THE FINANCIAL AGREEMENT.
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WHEREAS, on May 19, 2021, the Municipal Council adopted Ordinance 6PSF-m, (the "Ordinance", a copy of which is attached hereto as Exhibit A), granting a twenty-five (25) year tax abatement to 40 Clinton Urban Renewal, LLC, c/o Paramount Assets, LLC, 45 Academy Street, 5th Floor, Newark, New Jersey 07102 (the "Entity") pursuant to the N.J.S.A. 40A:20-1 et seq., Long Term Tax Exemption Law, for a twenty-five (25) year term, for a project to rehabilitate an existing building and create twenty-seven (27) market rate residential rental units located at 36-40 Clinton Street, Newark, New Jersey and identified on the City's tax map as Block 145, Lot 62 (East Ward)(collectively, the "Project"); and
WHEREAS, prior to the adoption of the Ordinance, the Entity filed a tax appeal for the 2019 tax year that reduced the taxes on the property from $99,589.13 to $51,243.00; and
WHEREAS, pursuant to the Ordinance, on June 18, 2021 the Entity and the City entered into a Financial Agreement, governing the tax abatement for the Project, which reflected a Minimum Annual Service Charge in the amount of $99,589.13 in Article I, Section 1.02 (the "Original Financial Agreement", a copy of which is attached hereto as Exhibit B and together with this Amendment No. 1 to Financial Agreement, the "Financial Agreement"); and
WHEREAS, the Original Financial Agreement did not reflect the reduced amount of taxes per the ...
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