Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Application for Long-Term Tax Abatement
Purpose: Rescind Resolution 7R3-P 090612 granting a long term tax abatement to High Street Heights, LLC
Entity Name: High Street Heights, LLC
Entity Address: 580 Dr. Martin Luther King, Jr. Boulevard, Newark, New Jersey 07103
Abatement Period: 30 years
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:
(Address/Block/Lot/Ward)
577-579, 581-583 Dr. Martin Luther King, Jr. Boulevard/Block 2507/Lots 19, 55, 56, and 62/ Central Ward
Additional Information:
Original tax abatement granted by Resolution 7R3-P adopted on September 6, 2012
High Street Heights, LLC and Alpha Drive, LLC will submit separate Tax Abatement Applications for their portion on the project.
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WHEREAS, on September 6, 2012, the City of Newark Municipal Council adopted Resolution 7R3-P (the "Prior Legislation", a copy of which is attached hereto as Exhibit A), granting a long term tax abatement to High Street Heights, LLC (the "Entity") for property known as 577-579 Dr. Martin Luther King Jr. Boulevard and 581-583 Dr. Martin Luther King Jr. Boulevard and identified on the City's tax map as Block 2507, Lots 19, 55, 56 and 62, pursuant to the New Jersey Housing and Mortgage Finance Agency Law of 1983, as amended and supplemented (N.J.S.A. 55:14K-1 et seq., the "HMFA Law"); and
WHEREAS, the City and the Entity have not executed the Financial Agreement as authorized in the Prior Legislation; and
WHEREAS, on May 15, 2014 the Entity transferred Block 2507, Lots 55, 56 and 62 to Alpha Drive LLC ("Alpha");...
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