Title
AN ORDINANCE (1) AMENDING ORDINANCE 6PSF-E, ADOPTED ON AUGUST 19, 2020; (2) ASSIGNING THE RIGHTS AND OBLIGATIONS UNDER A TWENTY-FIVE (25) YEAR TAX ABATEMENT FOR A PORTION OF THE PROJECT BETWEEN THE CITY AND 41 19TH AVENUE URBAN RENEWAL, LLC TO RISE REO URBAN RENEWAL, LLC; AND (3) AUTHORIZING THE EXECUTION OF A NEW FINANCIAL AGREEMENT BETWEEN THE CITY AND RISE REO URBAN RENEWAL, LLC, 61 DEANS LANE, MONMOUTH JUNCTION, NEW JERSEY 08852 IN CONNECTION WITH A REDEVELOPMENT PROJECT CONSISTING OF FORTY-TWO (42) MARKET RATE RESIDENTIAL UNITS AND CERTAIN PROPERTY WHICH THEY ARE SITUATED UPON LOCATED AT 704-708 SOUTH 17TH STREET, 701-707 SOUTH 16TH STREET, 709-717 SOUTH AND IDENTIFIED AS BLOCK 364, LOTS 1.01, 1.02, 1.03 ON THE CITY'S TAX MAP, WHICH REDEVELOPMENT PROJECT IS A PORTION OF A OF A PREVIOUSLY APPROVED REDEVELOPMENT PROJECT CURRENTLY UNDER CONSTRUCTION BY 41 19TH AVENUE URBAN RENEWAL, LLC
body
WHEREAS, 41 19th Avenue Urban Renewal, LLC, 61 Deans Lane, Monmouth Junction, New Jersey 08852 (the "FNA Entity"), previously filed an application with the Mayor (the "Mayor") of the City of Newark (the "City") seeking a long term tax abatement under the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq. (the "LTTE Law") for a twenty-five (25) year term for a project consisting of the construction of three (3) buildings consisting of sixty (60) market rate residential units (the "Original Project") on certain property within the City formerly identified on the City's Official Tax Map as Block 364, Lots 1, 2, 6, 7, 8, 9, 10, 11, 12, 13, 22, 24, 26, 28, 29 (50% of the property), and 30 and having the following former street addresses of 55 19th Avenue, 47-53 19th Avenue, 45 19th Avenue, 43 19th Avenue, 41 19th Avenue, 709 South 16th Street, 711 South 16th Street, 713 South 16th Street, 715 South 16th Street, 717 South 16th Street, 718-722 South 17th Street, 714-716 South 17th Street, 712 South 17th Street, 708 South 17th Street, 724-726 South 17th Street ...
Click here for full text