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AN ORDINANCE AMENDING ORDINANCE 6PSF-B OCTOBER 18, 2017, GRANTING AMENDMENT #1 TO THE FINANCIAL AGREEMENT OF A TAX ABATEMENT GRANTED TO SOMERSET BROWNSTONES URBAN RENEWAL ASSOCIATES, L.P., 3 EAST STOW ROAD, MARLTON, NEW JERSEY 08053, PURSUANT TO THE LONG TERM TAX EXEMPTION LAW TO CORRECT A TYPOGRAPHICAL ERROR IN SAID ORDINANCE AND IN AMENDMENT #1, TO THE FINANCIAL AGREEMENT FOR AN AFFORDABLE HOUSING PROJECT LOCATED AT 25-49 SOMERSET STREET AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 2556, LOT 1.02. (CENTRAL WARD)
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WHEREAS, on April 30, 2012, the Newark Municipal Council adopted Ordinance 6PS&Fb(S) (the "2012 Ordinance", a copy of which is attached hereto as Exhibit A) granting a thirty (30) year tax abatement to Somerset Brownstones Urban Renewal Associates, L.P., a New Jersey Urban Renewal entity qualified to do business under the provisions of the Long Term Tax Exemption Law as amended and supplemented, N.J.S.A. 40A:20-1, et seq. (the "Long Term Tax Exemption Law"), 3 East Stow Road, Marlton, Newark, New Jersey 08053 (the "Entity"), for an affordable housing project located at 25-49 Somerset Street and identified on the City tax map as Block 2556, Lot 1.02 (the "Project"); and
WHEREAS, the Parties entered into that certain Financial Agreement, dated August 15, 2012, (the "Original Financial Agreement", a copy of which is attached hereto as Exhibit B) which included an annual service charge of 6.28% of Annual Gross Revenue; and
WHEREAS, in order to comply with the New Jersey Housing and Mortgage Finance Agency ("HMFA") nine percent (9%) Low and Moderate Housing Tax Credit program, the Entity requested an amendment to the Financial Agreement; and
WHEREAS, on October 18, 2017, the Newark Municipal Council adopted Ordinance 6PSF-b (the "2017 Ordinance", a copy of which is attached hereto as Exhibit C), authorizing Amendment No. 1 to Financial Agreement, which amended the annual service charge from 6.28% of Annual Gross Rev...
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