Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Resolution of Endorsement
Purpose: Approval of Application to the Local Finance Board and to the New Jersey Economic Development Authority in connection with the proposed issuance by the NJEDA of up to $6,600,000.00 in "Redevelopment Area Bonds"
Additional Information:
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WHEREAS, the City of Newark, in the County of Essex, New Jersey (the "City") desires to enter into a Financial Agreement (the "Financial Agreement") with TDAF I Springfield Avenue Holding Urban Renewal Company, LLC ("TDAF I Springfield Avenue URE"), 799 Central Avenue, Suite 300, Highland Park, Illinois 60035 under the provisions of the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq. (the "Tax Exemption Law"), and the Redevelopment Area Bond Financing Law, N.J.S.A. 40A:12A-64 et seq. (the "Redevelopment Bond Law"), in support of a redevelopment project to be undertaken by TDAF I Springfield Avenue URE consisting generally of the acquisition of land and the construction of a building of approximately 66,806 square feet for use as a grocery store and associated parking and the construction of a residential apartment complex of approximately 150,000 square feet containing approximately 152 apartment units and associated parking (the "Project"), 188-234 Springfield Avenue and 82-12- South Orange Avenue 07102, within a designated "area in need of redevelopment" located within the City; and
WHEREAS, TDAF I Springfield Avenue URE has previously filed with the City its application for a long-term tax abatement as provided in the proposed Financial Agreement (the "Tax Abatement Application"); and
WHEREAS, TDAF I Springfield Avenue URE has indicated that it intends to finance a portion of the costs of the Project through the issuance by the New Jersey Economic Development Authority (the "NJEDA") of up to $6,600,000.00 in...
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