Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval
of bond ordinance.
Name of Project(s): Newark Riverfront Park, Nina Simone House
Amount to be Financed: $5,400,000.00
Funding Source: Bonds
Local Finance Board meeting date(s): November 12, 2020 and December 9, 2020
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY APPROVING A REALLOCATION OF PSEG RAB PROCEEDS AND AUTHORIZING THE SUBMISSION OF AN APPLICATION TO THE LOCAL FINANCE BOARD PURSUANT TO N.J.S.A 40A:12A-29(a)(3) and N.J.S.A. 40A:12A-67(g) FOR APPROVAL OF THE MODIFICATION OF REDEVELOPMENT PROJECTS BUDGETS PREVIOUSLY APPROVED BY THE LOCAL FINANCE BOARD IN CONNECTION WITH THE ISSUANCE OF PSEG REDEVELOPMENT AREA BONDS.
Additional Information:
This application is to authorize an amendment to transfer authorized amounts from the Newark Riverfront Park project to the Nina Simone House project.
body
WHEREAS, pursuant to and in accordance with the provisions of the Redevelopment Area Bond Financing Law, constituting Chapter 310 of the Pamphlet Laws of 2001 of the State, and the acts amendatory thereof and supplemental thereto (the "Redevelopment Bond Law", as codified in N.J.S.A. 40A:12A-64 et seq.), specifically N.J.S.A. 40A:12A-66(a), the City of Newark (the "City") is authorized to provide for tax abatements within a redevelopment area and for payments in lieu of taxes ("PILOTS") in accordance with certain applicable provisions of the Long Term Tax Exemption Law, constituting Chapter 431 of the Pamphlet Laws of 1991 of the State, and the acts amendatory thereof and supplement thereto (the "Long Term Tax Law", as codified in N.J.S.A. 40A:20-1 et seq.); and
WHEREAS, on March 23, 2016, the C...
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