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AN ORDINANCE AMENDING THE TAX ABATEMENT GRANTED TO 579 BROAD URBAN RENEWAL, LLC, 2100 ORETHA C. HALEY BOULEVARD, NEW ORLEANS, LOUISIANA 70113, PURSUANT TO THE LONG TERM TAX EXEMPTION LAW AS AMENDED AND SUPPLEMENTED, N.J.S.A. 40A:20-1, ET SEQ., FOR A PROJECT LOCATED AT 579-581 BROAD STREET, NEWARK, NEW JERSEY 07102 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 18, LOT 11 WITH ADDITIONAL LOT 10, (LOTS 12, 14 AND 15 MERGED INTO LOT 11) (CENTRAL WARD),TO CHANGE THE PROJECT BY REDUCING THE NUMBER OF MARKET RATE RESIDENTIAL RENTAL UNITS FROM (48) TO (40) UNITS AND ALLOWING A PORTION OF THOSE RENTAL UNITS TO BE SHORT TERM RENTAL UNITS, REDUCING THE GROUND FLOOR COMMERCIAL SPACE FROM 5,712 TO 4,424 SQUARE FEET, ALONG WITH OTHER CHANGES, INCLUDING THE CALCULATION OF THE ANNUAL SERVICE CHARGE.
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WHEREAS, on September 7, 2017, the Municipal Council adopted Ordinance 6PSF-d (the "Ordinance", a copy of which is attached hereto as Exhibit A) granting a twenty-two (22) year tax abatement to 579 Broad Urban Renewal, LLC, 2100 Oretha C. Haley Boulevard, New Orleans , Louisiana 70113 (the "Entity"), pursuant to 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"), for a project for the rehabilitation and conversion of two (2) vacant former office buildings into forty-eight (48) market rate residential rental units and 5,712 square feet of ground floor commercial space, located on real property commonly known as 579 Broad Street and 12 Central Avenue, Newark, New Jersey 07102 and identified on the Official Tax Map of the City of Newark, as Block 18, Lots, 10, 11, 12, 14 and 15 (the "Project"); and
WHEREAS, the City of Newark (the "City") and the Entity entered into a Financial Agreement, governing the terms and conditions of the tax abatement, on or about November 21, 2017, (the "Original Financial Agreement", a copy of which is attache...
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