Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Application for an Assignment and Assumption of a Long-Term Tax Abatement
Purpose: Consent to sale of affordable housing project and assignment of Financial Agreement for the project from Fairview Preservation Urban Renewal Partnership, L.P. to Fairview Homes Acquisition Urban Renewal, LLC
Entity Name: Fairview Homes Acquisition Urban Renewal, LLC
Entity Address: c/o Related Affordable, 60 Columbus Circle, New York, New York 10023
Abatement Period: Term of tax abatement forty (40) years from completion of original project approved through Resolution #7RA-092879
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
368-408 Hunterdon Street / Block 2547 / Lot 1/ Central
Additional Information:
Original tax abatement granted by Resolution 7RA 092879
First Assignment granted by Resolution 7REF 080499
body
WHEREAS, on September 28, 1979, the Newark Municipal Council adopted Resolution 7RA granting a long term tax abatement to Fairview Homes Associates under the Limited Dividend Non-Profit Housing Corporations or Associations Law, N.J.S.A. 55:16-1 et seq. (the "Limited Dividend Law") for an affordable housing project located at 368-408 Hunterdon Street and designated as Block 2547, Lot 1 on the Official Tax Map of the City of Newark (the "Project"); and
WHEREAS, as authorized under Resolution 7RA-092879, the City of Newark (the "City") entered into a Financial Agreement with Fairview Homes Associates governing the tax abatement for the Project (the "Financial Agreement"); and
WHEREA...
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