FORM 2.5,000 20 lb. Bond
7R3-j (as) 021710
Eratintion of Or lit g of Nrwark,
NO. R3--0-' .S7) Date of Adoption FEB 17 2010
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Application for Long-Term Tax Abatement
Purpose: Construction, development, maintenance and operation of residential project
Entity Name: Montgomery Two Housing, LLC
Project Location: 685-715 Dr. Martin Luther King Jr. Boulevard Block 2559, Lots 7, 47
Abatement Period: Thirty (30) years
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ ( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a (X) Agreement Additional Information: N/A
Approved as to For, a d Lem lity on Basis of Facts Set Forth
ce?tified by
oration
Title
Council Member,'presents the following Resolution:
WHEREAS, pursuant to the New Jersey Housing and Mortgage Finance Agency Act of 1983, as amended and supplemented, (N.J.S.A. 55:14K-1, et seq. ) Montgomery Two Housing, LLC, (hereinafter referred-to as "Entity") submitted to the Mayor an application for the approval of a plan for the construction of a residential project on land which is identified on the Official Tax Map of the City of Newark as Block 2559, Lots 7, 47, more commonly known as 685-715 Dr. Martin Luther King jr. Boulevard, Newark, New Jersey; and
. WHEREAS, the prpject will be subject to the New Jersey Housing and Mortgage-Financing Law of 1983, N.J.S.A. 55:14K-1f et seq., and the mortgage and other loan documents executed between the Entity and the New Jersey Housing and Mortgage Finance Agency ("NJHMFA"); and
WHEREAS, the Entity represents that a tax exemption must be obtained pursuant to the provisions of N.J.S.A. 55:14K-1, et seq., to secure financing from NJHMFA; and
WHEREAS, the Mayor has submitted the application and accompanying Financial Agreement to the Municipal Council with his approval thereof, a cop...
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