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AN ORDINANCE AMENDING AND RESTATING ORIGINAL TAX ABATEMENT FOR A THIRTY YEAR TERM, GRANTED TO LANTANA URBAN RENEWAL, LP, 77 PARK STREET, MONTCLAIR, NEW JERSEY 07042, FOR A PROJECT TO CONSTRUCT EIGHTY (80) AFFORDABLE HOUSING UNITS PURSUANT TO THE LONG TERM TAX EXEMPTION LAW, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 109-119 BROAD STREET AND 130-132 NORTH 11TH STREET AND IDENTIFIED ON THE CITY TAX MAP AS BLOCK 523, LOTS 1, 3, 4, 5, 51, 54, 59 AND 60 AND BLOCK 1926, LOT 1.02. (CENTRAL/WEST WARD)
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WHEREAS, on April 30, 2012, the Newark Municipal Council adopted Ordinance 6PSF-a(S) granting a long term tax abatement to Lantana Urban Renewal, LP, consisting of the construction of sixty (60) affordable housing units located at 109-119 Broad Street and identified on the City tax map as Block 523, Lots 1, 3, 4, 5, 51, 54, 59 and 60 (the "Original Project"); and
WHEREAS, the City and Lantana Urban Renewal, LP, subsequently executed a Financial Agreement governing the Original Project (the "Original Financial Agreement"); and
WHEREAS, the Lantana Urban Renewal, LP has changed the Original Project to include construction of eighty (80) affordable housing units located at 109-119 Broad Street and 130-132 North 11th Street and identified on the City tax map as Block 523, Lots 1, 3, 4, 5, 51, 54, 59 and 60 and Block 1926, Lot 1.02 (the " Project"); and
WHEREAS, Lantana Urban Renewal, LP, 77 Park Street, Montclair, New Jersey 07042, filed an application with the Mayor seeking a long term tax abatement under the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq. for a thirty (30) year term for the Project; and
WHEREAS, the Mayor has submitted the application and proposed Financial Agreement to the Municipal Council with his recommendation thereof, a copy of which is annexed hereto; and
WHEREAS, in accordance with Ordinance 6PSF-a, adopted May 4, 2011, Lantana Urban Renewal, LP has filed with the City a s...
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