Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Assignment of Contract Agreement
Purpose: The Assignment of the Financial Agreement from Diversified Realty Limited, LLC to Casa Mia Urban Renewal Company, LLC.
Entity Name: Casa Mia Urban Renewal Company, LLC
Entity Address: 502-504 Summer Avenue, Newark, New Jersey 07104
Contract Amount: $0.00
Funding Source: N/A
Contract Period: N/A
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( X ) n/a
List of Property:
(502-504 Summer Avenue/Block 625, Lot 46/North Ward )
Additional Information:
Original Tax Abatement granted by Resolution 7RBw adopted on January 18, 1978.
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WHEREAS, on January 18, 1978, the Municipal Council adopted Resolution 7RBw, granting a long term tax abatement to Assignor pursuant to of the Limited-Dividend Nonprofit Housing Association Law (C. 55:16-1 et seq.) (the "LD Law"), for a project to construct a senior-living residential rental building consisting of ninety (90) residential rental units located at 502-504 Summer Avenue, Newark, New Jersey 07104 and identified on the Official Tax Map of the City of Newark as Block 625, Lot 46 (the "Project"); and
WHEREAS, on May 11, 1978, the City of Newark (the "City") entered into a Financial Agreement with the Assignor governing the tax abatement for the Project (the "Financial Agreement); and
WHEREAS, as set forth in Section 3 of the Financial Agreement, the Project shall be exempt from taxation for a period equal to the earlier of fifty (50) years from the completion of the Project or the term of the first mortgage to be placed upon the property in connection with its construction; and
WHEREAS, the Assignor has certified that the term of the first mortgage was for a period...
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