Title
AN ORDINANCE AUTHORIZING ASSIGNMENT AND ASSUMPTION OF THE FINANCIAL AGREEMENT FROM LIVINGSTON URBAN RENEWAL LLC (“ASSIGNOR”) TO TETHYS LIVINGSTON URBAN RENEWAL LLC (“ASSIGNEE”) FOR AN AFFORDABLE HOUSING PROJECT CONSISTING OF EIGHTY-TWO (82) AFFORDABLE RESIDENTIAL RENTAL UNITS LOCATED ON LAND WHICH IS IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK AS BLOCK 2550, LOT 1, BLOCK 2551, LOT 14, AND BLOCK 2568, LOTS 1, 27, AND 35, MORE COMMONLY KNOWN AS 18-30 17TH AVE., 152-164 IRVINE TURNER BLVD., 168-184 IRVINE TURNER BLVD., 194-200 IRVINE TURNER BLVD., AND 202-208 IRVINE TURNER.
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WHEREAS, on July 11, 1979, the Municipal Council adopted Resolution 7RG granting a tax exemption to Livingston Homes Associates, a New Jersey Limited Partnership (the “Previous Owner”) for the construction of eighty-two (82) affordable rental housing units (the “Project”) on land currently located at 18-30 17th Ave., 152-164 Irvine Turner Blvd., 168-184 Irvine Turner Blvd., 194-200 Irvine Turner Blvd., and 202-208 Irvine Turner Blvd., Newark, New Jersey, and designated as Block 2550, Lot 1, Block 2551, Lot 14, and Block 2568, Lots 1, 27, and 35, on the Official Tax Map of the City of Newark, initially referenced in the Original Financial Agreement and the Financial Agreement as 24-26 17th Avenue (the “Property”) pursuant to the LimitedDividend Nonprofit Housing Association Law, N.J.S.A. 55:161 et seq., execute and deliver that certain Financial Agreement, dated on or about February 1, 1979, by and between the City and the Previous Owner (the “Original Financial Agreement”); and
WHEREAS, Livingston Urban Renewal LLC (the “Assignor”) acquired the Property and the Project from the Previous Owner and filed an application with the Mayor of the City seeking a long-term tax exemption 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 fifteen (15)year term for the continued ownership ...
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