Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Resolution Endorsing
Purpose: To provide support of 930 McCarter Urban Renewal, LLC's Aspire Project and community benefits terms.
Additional Information:
RESOLUTION OF THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK SUPPORTING THE 930 MCCARTER URBAN RENEWAL, LLC PROJECT AND APPROVING THE COMMUNITY BENEFITS AGREEMENT TERMS, PURSUANT TO THE ASPIRE PROGRAM.
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WHEREAS, 930 McCarter Urban Renewal, LLC (the "Entity") is an urban renewal entity; and
WHEREAS, the Entity is undertaking a redevelopment project located at Block 1, Lot 46.02 (formerly Block 1, Lots 30 and 46) and proposes to redevelop same by constructing thereon a twenty-five (25) story mixed use tower with three hundred thirty-three (333) residential units, twenty percent (20%) of which will be affordable housing, and 3,750 square feet of retail space on the ground floor, along with approximately two hundred forty (240) parking stalls consisting of a total of 57,000 square feet of parking, (collectively, the "Project"); and
WHEREAS, the Project is being undertaken pursuant to a Redevelopment Agreement (the "Redevelopment Agreement") between the City of Newark (the "City") and the Entity dated as of December 19, 2017 and the total costs of the Project are estimated to be in excess of $140,000,000; and
WHEREAS, on April 20, 2022, the Newark Municipal Council adopted Ordinance 6PSF-a authorizing a long-term tax abatement to 930 McCarter Urban Renewal, LLC, under the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq. for a thirty (30) year term and authorized the execution of a Financial Agreement (the "Financial Agreement") with the City and the issuance and sale of redevelopment area bonds (the "Bonds") and approved the forms and execution of the Trust Indenture, Pledge Agreement, and Bond Purchase Agreement in connection with the issuance of the Bonds for the P...
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