Title
Dept/ Agency: Economic Housing and Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Approving Assignment Agreement
Project Information:
RESOLUTION OF THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK CONSENTING TO THE ASSIGNMENT OF THE FINANCIAL AGREEMENT FROM CLINTON ARMS ASSOCIATES LIMITED (F/K/A CLINTON ARMS ASSOCIATES TO CLINTON ARMS URBAN RENEWAL, LLC FOR FIVE 2 AND 3 STORY ROW HOUSE STYLE GARDEN APARTMENTS CONTAINING SEVENTY-TWO (72) SECTION-8 ASSISTED RESIDENTIAL RENTAL UNITS LOCATED ON THE CITY BLOCK BOUNDED BY MADISON AVENUE, CLINTON AVENUE, HUNTERDON STREET AND PESHINE AVENUE, 453-467 CLINTON AVENUE, IN THE CITY OF NEWARK, NEW JERSEY, 07108 COUNTY OF ESSEX AND CURRENTLY IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 2684, LOT 1
Additional Information:
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WHEREAS, on November 7, 1984, the Newark Municipal Council adopted Resolution 7Rcz(A.S.) granting a long term tax abatement to Assignor, a New Jersey limited dividend partnership, pursuant to the Limited Dividend Non-Profit Housing Corporations or Associations law, N.J.S.A. 55:16-1 et seq. (the "Limited Dividend Law") for the construction of five 2 and 3 story row house style garden apartments containing seventy-two (72) Section-8 assisted residential rental units (the "Improvements"), located on the city block bounded by Madison Avenue, Clinton Avenue, Hunterdon Street and Peshine Avenue, 453-467 Clinton Avenue, 453-467 Clinton Avenue, in the City of Newark, 07108, New Jersey, County of Essex and currently designated as Block 2684, Lot 1 (f.k.a. Block 2684, Lots 1, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 36, 37, 38, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, and 51) on the Official Tax Map of the City (the "Property" and together with Improvements, the "Project"); and
WHEREAS, as authorized under Resolution 7Rcz(A.S.)November 7, 1984, the City entered into a Tax Abatement Agreement with ...
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