Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Assignment of Contract Agreement
Purpose: To consent to the Assignment of a Financial Agreement from Center City Apartments Urban Renewal, LLC to New Center City Apartments Urban Renewal, LLC for an affordable housing project located at 40-44 W. Kinney Street and 76-80 Court Street, Newark, New Jersey 07102 and identified on the Official Tax Map of the City of Newark, as Block 100, Lot 14, and Block 116, Lots 18 and 20. (Central Ward)
Entity Name: New Center City Apartments Urban Renewal, LLC
Entity Address: c/o The NHP Foundation, 122 E. 42nd Street, Suite 4900, New York, New York 10168
Contract Amount: $0.00
Funding Source: $0.00
Contract Period: Not Applicable
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a
List of Property:
(Address/ Block/Lot/Ward
40-44 W. Kinney Street/Block 100/Lot 14/Central Ward
76-80 Court Street/Block 116/Lots 18 and 20 (add'l lot)/Central Ward)
Additional Information:
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WHEREAS, on March 20, 2019, the Municipal Council adopted Ordinance 6PSF-c, granting a thirty (30) year long term tax abatement to Center City Apartments Urban Renewal, LLC ("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 rehabilitate two (2) buildings containing forty-nine (49) affordable housing units, including, without limitation, installation of new kitchens, baths, radiators, boilers, hot water heaters, and elevators located at 40-44 W. Kinney Street and 76-80 Court Street, Newark, New Jersey 07102 and identified on the Official Tax Map of the city of Newark, as Block 100, Lot 14, and Block 116, Lots 1...
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