Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Application for Long-Term Tax Abatement
Purpose: Cancel current tax abatement Granted to of JPA Development Association and approve acquisition and a
new tax abatement for RNJ Court Street, LLC on the 221 unit low-income senior housing project.
Entity Name: RNJ Court Street, LLC
Entity Address: 551 Fifth Avenue, 23rd Floor, New York, New York 10176
Abatement Period: Thirty (30) years
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)
961-985 Broad Street, Block 111, Lot 75, East Ward
Additional Information:
Original tax abatement granted by Resolution 7RA 022674
)
body
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”), RNJ Court Street, LLC, having its principal office located at 551 Fifth Avenue, 23rd Floor, New York, New York 10176 (the “Entity”) submitted an application for the approval of a project to acquire an existing two hundred and twenty-one (221) units of low-income senior housing project, inclusive of a superintendent’s unit (the “Project”); and
WHEREAS, the Project is located on land identified on the Official Tax Map of the City of Newark as Block 111, Lot 75 and more commonly known as 961-985 Broad Street (“Property”); and
WHEREAS, the Project will be subject to the HMFA Law and the mortgage and other loan documents executed between RNJ Court Street, LLC and the New Jersey Housing and Mortgage Finance Agency (the “HMFA”); and
WHEREAS, RNJ Court Street, LLC is seeking a tax abatement for the Project pursuant to the pr...
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