Title
Dept/ Agency: Economic Housing and Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Approving Assignment Agreement
Project Information: RESCINDING RESOLUTION 7R2-E(AS)042418, AND CONSENTING TO THE ASSIGNMENT OF A FINANCIAL AGREEMENT FROM S.H.E URBAN RENEWAL ASSOCIATES, LP, TO BRUCE STREET GARDENS NJ, LLC, 10 HILL STREET, NEWARK, NEW JERSEY 07102, FOR AN AFFORDABLE HOUSING PROJECT LOCATED AT 35-61 12TH AVENUE, FOR THE CONSTRUCTION OF FOUR (4) BUILDINGS CONTAINING 108 RENTAL UNITS, A 3,500 SQUARE FOOT RECREATIONAL AND PRE-SCHOOL CENTER, A 850 SQUARE FOOT SECURITY AND MANAGEMENT OFFICE, LAUNDRY ROOM, AND 166 PARKING SPACES. (CENTRAL WARD)
Additional Information:
Resolution 7RDE(AS) adopted on January 6, 1999
Original Resolution 7R2-E(AS) adopted on April 24, 2018
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WHEREAS, on January 6, 1999, the Municipal Council adopted Resolution 7Rde(AS) granting a long term tax abatement to S.H.E. Urban Renewal Associates, LP ("Assignor") 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") for the construction of four (4) buildings containing one hundred eight (108) rental units, a 3,500 square foot recreational and pre-school center, a 850 square foot security and management office, laundry room, and one hundred sixty-six (166) parking spaces located at 35-61 12th Avenue and designated as Block 420, Lot 1.02 on the Official Tax Map of the City (Central Ward) (the "Project"); and
WHEREAS, as authorized under Resolution 7Rde(AS) adopted on January 6, 1999, 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 Bruce Street Gardens NJ, LLC ("Assignee") to sell the Project, which contract requires that the City approve the transfer of the Financial Agreement to the Assignee; and
WHE...
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