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AN ORDINANCE AMENDING THE TAX ABATEMENT GRANTED TO OAK TOWERS URBAN RENEWAL ENTITY, LLC, 641 LEXINGTON AVENUE, 13TH FLOOR, NEW YORK, NEW YORK 10022, PURSUANT TO THE LONG TERM TAX EXEMPTION LAW TO EXTEND THE TIMEFRAME FOR THE DEVELOPER TO COMPLETE CONSTRUCTION OF THE PROJECT AND TO REVISE AND ADD ADDITIONAL NECESSARY PROVISIONS FOR THE PROJECT CONSISTING OF THE REHABILITATION OF (2) EXISTING BUILDINGS CONTAINING (76) AFFORDABLE HOUSING RESIDENTIAL RENTAL UNITS, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS, 2-30 STRATFORD PLACE, NEWARK, NEW JERSEY 07108 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2668, LOTS 1, 9, 12-15.
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WHEREAS, on December 7, 2021, the Municipal Council adopted Ordinance 6PSF-b(S), (the "Ordinance"), a copy of which is attached hereto as Exhibit A, granting a long term tax abatement to Oak Towers Urban Renewal, LLC, (the "Entity") pursuant to the Long Term Tax Exemption Law, for a twenty (20) year term for a project to rehabilitate two (2) existing buildings containing seventy-six (76) affordable housing residential rental units, (the "Project") located on real property commonly known as 2-30 Stratford Place, Newark, New Jersey 07108, and identified on the Official Tax Map of the City of Newark, as Block 2668, Lots 1, 9, 12-15 (collectively, the "Project"); and
WHEREAS, on February 2, 2022, the Entity and the City entered into a Financial Agreement governing the tax abatement for the Project (the "Original Financial Agreement"), a copy of which is attached hereto as Exhibit B, and together with this Amendment #1 to Financial Agreement, (the "Financial Agreement") governing the Project; and
WHEREAS, the Original Financial Agreement needs to be amended to extend the timeframe for the Developer to complete construction of the Project and to revise and add additional necessary provisions.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW J...
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