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AN ORDINANCE AMENDING THE ORIGINAL TAX ABATEMENT GRANTED TO 50 MOUNT PROSPECT GARDENS URBAN RENEWAL, LLC, 17 CLUB WAY, CEDAR GROVE, NEW JERSEY 07009, PURSUANT TO THE LONG TERM TAX EXEMPTION LAW TO EXTEND THE TIMEFRAME TO CONSTRUCT THE PROJECT CONSISTING OF A NEW FOUR (4) STORY BUILDING CONSISTING OF TWENTY-EIGHT (28) MARKET RATE RESIDENTIAL RENTAL UNITS AND SEVEN (7) AFFORDABLE HOUSING UNITS AND ASSOCIATED PARKING LOCATED AT 905-913 MT. PROSPECT AVENUE, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 841, LOT 26 AND 37 (THE "PROJECT") NORTH WARD
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WHEREAS, on April 21, 2021, the Newark Municipal Council adopted Ordinance 6PSF-d (the "Ordinance", a copy of which is attached hereto as Exhibit A), granting a long term tax abatement to 50 Mount Prospect Gardens Urban Renewal, LLC, 17 Club Way, Cedar Grove, New Jersey 07009, pursuant to of 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 a project to construct a new four (4) story building consisting of twenty-eight (28) market rate residential rental units and seven (7) affordable housing units and associated parking located in the North Ward at 905-913 Mt. Prospect Avenue, Newark, New Jersey and identified on the city's Tax Map as Block 841, Lot 26 and 37 (collectively, the "Project"); and
WHEREAS, the Parties entered into that certain Financial Agreement, dated June 18, 2021, (the "Original Financial Agreement", a copy of which is attached hereto as Exhibit B, and together with Amendment No. 1 to Financial Agreement, the "Financial Agreement"); and
WHEREAS, construction of the Project was delayed and the Project has not been completed within the timeframe set forth in the Original Financial Agreement; and
WHEREAS, the Parties desire to extend the timeframe for the Entity to complete the Project by no later than December 18, 2026; and
NOW, THEREFORE, BE IT ORDA...
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