Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Application for Long-Term Tax Exemption
Purpose: Construct 12 supportive housing units that will serve homeless families and individuals
Entity Name: High Street Heights, LLC
Entity Address: 580 Dr. Martin Luther King, Jr. Boulevard, Newark, New Jersey 07103
Abatement Period: 30 years
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( x ) n/a
List of Property:
(Address/Block/Lot/Ward)
577-579, 581-583 Dr. Martin Luther King, Jr. Boulevard, Block 2507, Lots 19, 55, 56, 62, Central Ward)
Additional Information:
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WHEREAS, as authorized under the New Jersey Housing and Mortgage Finance Agency Law of 1983, as amended and supplemented, N.J.S.A. 55:14K-1 et seq. (the “HMFA Law”), High Street Heights, LLC, 580 Dr. Martin Luther King Jr. Boulevard, Newark, New Jersey 07102 (the “Entity”) submitted an application for the approval of a project to rehabilitate two three-story buildings located on property commonly known as 577-579 Dr. Martin Luther King Jr. Boulevard and 581-583 Dr. Martin Luther King Jr. Boulevard, Newark New Jersey and identified on the City’s tax map as Block 2507, Lots 19, 55, 56 and 62 (the “Property”) by constructing twelve (12) supportive housing units that will serve homeless families and individuals (the “Project”); and
WHEREAS, the Project will be subject to the HMFA Law and the mortgage and other loan documents executed between the Entity and the New Jersey Housing and Mortgage Finance Agency (the “HMFA”); and
WHEREAS, the Entity is seeking a tax exemption for the Project pursuant to the provisions of the HMFA Law; and
WHEREAS, the Municipal Council has determined that the Project meets an existin...
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