Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Waiving 20 day period for an ordinance to take effect
Purpose: This resolution hereby authorizes an emergency to be declared and further authorizes Ordinance 6PSF-b, granting amendment of the Original Financial Agreement, dated January 8, 2014, as amended and supplemented, by and between the City and TDAF I Springfield Avenue Holding Urban Renewal Company, LLC, 799 Central Avenue, Suite 300, Highland Park, Illinois 60035, to add Springfield Avenue Grocer Urban Renewal Company, LLC and University Heights Residential Urban Renewal Company, LLC, as parties and allocate the obligations under the Original Financial Agreement for the Project located at Block 236, Lots 1.03, 2-26 Jones Street, "Residential Component" and Block 236, Lots1.04 and 1.05, 82-110 South Orange Avenue, 206-208 Springfield Avenue, "Grocery Component" on the City Tax can meet the deadline to close on the financing
Additional Information:
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WHEREAS, on October 17, 2013, the Municipal Council of the City of Newark adopted Ordinance 6PSF-j entitled "Ordinance Approving the Execution of a Financial Agreement with TDAF I Springfield Avenue Holding Urban Renewal Company, LLC and other applicable documents related to the authorization and issuance by the New Jersey Economic Development Authority of not to exceed $6,600,000.00, Redevelopment Area Bonds (non-recourse to the full faith and credit of the City) and determining various other matters in connection therewith", approving and authorizing the execution and delivery of a Financial Agreement with TDAF I Springfield Avenue Urban Renewal Company, LLC ("TDAF 1 Springfield Avenue URE"); and
WHEREAS, on January 8, 2014, the City and TDAF I Springfield Avenue URE entered into a Financial Agreement, as amended and supplemented (the "Original Financial Agreement"), which p...
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