Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Application for Long-Term Tax Abatement
Purpose: Substantial renovation and reconfiguration of a 209 unit residential rental senior affordable housing project currently owned and operated by the Newark Housing Authority on real property commonly known as 63-91 Lincoln Street and 151-161 Court Street, Newark, New Jersey 07103 .
Entity Name: Lincoln Towers Urban Renewal, LP
Entity Address: c/o Newark Housing Authority, 500 Broad Street, Newark, New Jersey 07102
Abatement Period: Term of tax abatement - 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)
151-161 Court Street aka 63-91 Lincoln Street/Block 2528/Lot 60.01/Central Ward
Additional Information:
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WHEREAS, Lincoln Towers Urban Renewal, LP, with an address of c/o Newark Housing Authority, 500 Broad Street, Newark, New Jersey 07102, has filed an application with the Mayor pursuant to 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") seeking a tax exemption for a thirty (30) year term for a residential rental senior affordable housing project on real property commonly known as 63-91 Lincoln Street and 151-161 Court Street, Newark, New Jersey 07103 and identified on the official tax map of the City as Block 2528, Lot 60.01 (portion), as more particularly described within the metes and bounds description submitted with the application (the "Property"); and
WHEREAS, the Mayor has submitted the application and proposed Financial Agreement to the Municipal Council with his recommendat...
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