Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Waiving 20 day period for an ordinance to take effect
Purpose: Tax abatement Ordinance 6PSF-c April 5, 2017 for Montgomery Two Housing Urban Renewal, LLC c/o Pennrose Properties, 230 Wyoming Avenue, Kingston, Pennsylvania 18704, needs to take immediate effect so that the applicant can meet the NJHFMA financing deadline
Ordinance No(s).: 6PSF-c adopted on April 5, 2017
Additional Information:
6PSF-d adopted on March 18, 2015
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WHEREAS, on March 18, 2015, the Newark Municipal Council adopted Ordinance 6PSF-d granting a long term tax abatement to Montgomery Two Housing Urban Renewal, LLC c/o Pennrose Properties, 230 Wyoming Avenue, Kingston, Pennsylvania 18704, consisting of the construction of one hundred fifty-four (154) affordable housing units and approximately 7,000 square feet of commercial/retail space located at 685-715 Dr. Martin Luther King, Jr. Boulevard and identified on the City tax map as Block 2559, Lot 7 (Central Ward) (the "Project"); and
WHEREAS, the City and Montgomery Two Housing Urban Renewal, LLC, subsequently executed a Financial Agreement, which was authorized by Ordinance 6PSF-d adopted March18, 2015 governing the Project on June 15, 2015, (the "Original Financial Agreement"); and
WHEREAS, The New Jersey Housing and Mortgage Finance Agency ("NJHMFA") has requested certain changes to the Financial Agreement including correction in the term of years, inclusion of the date, and a change in the definition of "Minimum Annual Service Charge"; and
WHEREAS, these revisions to the Financial Agreement will allow Montgomery Two Housing Urban Renewal, LLC, to close it's financing with NJHMFA; and
WHEREAS, the tax abatement for Montgomery Two Housing Urban Renewal, LLC was amended, advanced and adopted on first reading by the Municipal Council on M...
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