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 RNJ Nevada Urban Renewal, LLC to Nevada Street Urban Renewal, LLC for an affordable housing project located at 987-997 Broad Street
Entity Name: Nevada Street Urban Renewal, LLC.
Entity Address: 200 Vesey Street, 24th Floor, New York, New York 10080
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 (X) n/a
List of Property:
987-997 Broad Street/Block 111/Lot 76/Central
Additional Information:
Original Tax Abatement granted by Ordinance 6PSF-a(s) adopted on December 23, 2014.
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WHEREAS, on December 23, 2014, Newark Municipal Council adopted Ordinance 6PSF-a(S) granting a long term tax abatement to RNJ Nevada Urban Renewal, LLC ("Assignor") pursuant to the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq., for a project consisting of the rehabilitation of a three hundred six (306) unit senior citizen rental affordable housing project located at 987-997 Broad Street and designated as Block 111, Lot 76 on the Official Tax Map of the City (the "Project"); and
WHEREAS, as authorized under Ordinance 6PSF-a(S), the City entered into a Financial Agreement with Assignor governing the tax abatement for the Project (the "Financial Agreement"); and
WHEREAS, Nevada Street Urban Renewal, LLC (the "Assignee"), 200 Vesey Street, 24th Floor, New York, New York 10080, has entered into a purchase and sale agreement with Assignor to purchase the Project; and
WHEREAS, the Assignee has filed an application with the City (the "Application") seeking City consent to the transfer ...
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