Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Resolution Endorsing Local Finance Board Application for TRYP Hotel Project
Purpose: Resolution of the City of Newark, in the County of Essex, New Jersey approving the submission of an application to the Local Finance Board pursuant to N.J.S.A. 40A:12A-67(g) in connection with the issuance of Redevelopment Area Bonds by the New Jersey Economic Development Authority (Non-Recourse to the full faith and credit of the City) to be secured by Pilot Payments from the TRYP Hotel project.
Additional Information:
22-26 East Park Street/Block 125/ Lots 84,86,87,88,91,92,93,94,96 and 108/Central Ward
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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 is authorized to provide for tax abatement 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, pursuant to and in accordance with the provisions of the Redevelopment Bond Law, specifically N.J.S.A. 40A:12A-67(a), the City may apply to the New Jersey Economic Development Authority (the "EDA") to issue bonds for the purpose of financing all or a portion of the cost of redevelopment projects, which bonds may be secured by PILOTS; and
WHEREAS, East Park Street Hospitality Urban Renewal, Inc. (the "Entity is undertaking a redevelopment project to substant...
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