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AN ORDINANCE AMENDING THE AMENDED AND RESTATED FINANCIAL AGREEMENT FOR THE TAX ABATEMENT GRANTED TO THE LANTANA URBAN RENEWAL, L.P., 77 PARK STREET, MONTCLAIR, NEW JERSEY 07042, AUTHORIZED BY ORDINANCE 6PSF-B(S) ADOPTED ON APRIL 25, 2017, PURSUANT TO THE LONG TERM TAX EXEMPTION LAW, FOR A PROJECT LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 109-119 BROAD STREET AND 130 NORTH 11TH STREET AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 523, LOTS 1, 3, 4, 5, 51, 54, 59 AND 60 AND BLOCK 1926, LOT 1.02 (CENTRAL WARD), TO CHANGE THE PROJECT TO THE CONSTRUCTION OF (72) TOTAL UNITS COMPRISED OF (71) AFFORDABLE HOUSING RENTAL UNITS AND (1) MANAGER UNIT, EXTENDING THE TIMEFRAME FOR THE ENTITY TO COMPLETE THE PROJECT ALONG WITH OTHER MODIFICATIONS AS SET FORTH WITHIN AMENDMENT #1 TO THE FINANCIAL AGREEMENT.
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WHEREAS, on April 30, 2012, the Municipal Council adopted Ordinance 6PSF-a(S) (the "Original Ordinance"), a copy of which is attached hereto as Exhibit A, granting a long term tax abatement to The Lantana Urban Renewal, L.P., 77 Park Street, Montclair, New Jersey 07042 ("Lantana") consisting of the construction of sixty (60) affordable housing units located at 109-119 Broad Street and identified on the Officaila Tax Map of the City of Newark, as Block 523, Lots 1, 3, 4, 5, 51, 54, 59 and 60 (the "Original Project"); and
WHEREAS, the City and Lantana, subsequently executed a Financial Agreement, governing the Original Project (the "Original Financial Agreement"), (a copy of which is attached hereto as Exhibit B); and
WHEREAS, on April 25, 2017, the Municipal Council adopted Ordinance 6PSF-b(S) (the "Ordinance"), (a copy of which is attached hereto as Exhibit C), amending and restating the Original Financial Agreement to change the Original Project to construction of eighty (80) affordable housing units and add another property located at 130-132 North 11th Street and identified on the Official Tax Map of the City of N...
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