Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Assignment of Contract Agreement
Purpose: Consenting to the Assignment of the Financial Agreement from RGC Grace West Urban Renewal, LLC., to New Grace West Urban Renewal, LLC., of an Affordable Housing Project Located at 221-305 Irvine Turner Boulevard.
Entity Name: New Grace West Urban Renewal, LLC.
Entity Address: 551 Fifth Avenue, 23rd Floor, New York, New York 10176
Contract Amount: N/A
Funding Source: N/A
Contract Period: N/A
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
List of Property:
221-305 Irvine Turner Boulevard/Block 2583/Lot 1/Central Ward
Additional Information:
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WHEREAS, on December 23, 2014, Newark Municipal Council adopted Ordinance No. 6PSF-b(S) granting a long term tax abatement to RGC Grace West Urban Renewal, LLC, 551 Fifth Avenue, 23rd Floor, New York, New York 10176 (the "Assignor") 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 to renovate four hundred twenty-nine (429) affordable housing units on real property commonly known as 221-305 Irvine Turner Boulevard, Newark, New Jersey and identified on the City's tax map as Block 2583, Lot 1 (the "Project"); and
WHEREAS, as authorized under Ordinance 6PSF-b(S), the City entered into a Financial Agreement with the Assignor governing the tax abatement for the Project (the "Financial Agreement"); and
WHEREAS, the Assignor has entered into a contract with the New Grace West Urban Renewal, LLC, 551 Fifth Avenue, 23rd Floor, New York, New York 10176, (the "Assignee") to sell the Project, which contract requires that the City approve the transfer...
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