Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Application for Long-Term Tax Exemption
Purpose: Assignment and Assumption of Existing Tax Exemption and Payment of Outstanding Annual Service Charges Due and Owing on property located at 744 Broad Street, Newark, New Jersey 07102
Entity Name: Emerita Urban Renewal, Limited Liability Company
Entity Address: c/o Hilla Capital, Inc., 136 Madison Avenue, 4th Floor, New York, New York 10016
Abatement Period: Original 15 Year exemption granted in 2000 - remaining term of original exemption which expires in 2015
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)
736-752 Broad Street, /Block 145/ Lots 1, 7 and 78/ East Ward
Additional Information:
Original tax abatement granted by Resolution 7RBP 050300
Payment of $3,828,884.36 in settlement of outstanding delinquent annual service charges, through December 31, 2012)
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WHEREAS, on May 3, 2000 the Municipal Council of the City of Newark adopted Resolution 7RBP granting a long term tax exemption to 744 Elroy Urban Renewal Investors, LLC (“744 Elroy”) for a fifteen year term for a commercial project pursuant to the provisions of the Long Term Tax Exemption Law (N.J.S.A. 40A:20-1 et. seq.), as amended, on real property commonly known as 744 Broad Street and identified on the City of Newark’s tax map as Block 145, Lots 1, 7 and 78 (the “Property”) and authorizing the Mayor to execute a financial agreement with 744 Elroy governing the terms and conditions of the long term tax exemption (the “Financial Agreement”); and
WHEREAS, Section 8.1 of the Financial Agreement provides that 744 Elroy m...
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