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ORDINANCE APPROVING A LONG TERM TAX ABATEMENT FOR TWENTY (20) YEARS AND THE EXECUTION OF A FINANCIAL AGREEMENT WITH TDAF I SPRINGFIELD AVENUE HOLDING URBAN RENEWAL COMPANY, LLC, C/O TUCKER DEVELOPMENT CORPORATION, 799 CENTRAL AVENUE, SUITE 300, HIGHLAND PARK, ILLINOIS 60035, AND OTHER APPLICABLE DOCUMENTS RELATED TO THE AUTHORIZATION AND ISSUANCE BY THE NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY OF NOT TO EXCEED $6,600,000.00 REDEVELOPMENT AREA BONDS (NON-RECOURSE TO THE FULL FAITH AND CREDIT OF THE CITY) AND DETERMINING VARIOUS OTHER MATTERS IN CONNECTION THEREWITH.
No Action Taken 6PSF-j 100213/Public Hearing Open
No Action Taken 6PSF-b (s) 100813/Public Hearing Open
Special Note - Adopted 6PSF-j 101013/ Public Hearing Closed
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ORDINANCE APPROVING A LONG TERM TAX ABATEMENT FOR TWENTY (20) YEARS AND THE EXECUTION OF A FINANCIAL AGREEMENT WITH TDAF I SPRINGFIELD AVENUE HOLDING URBAN RENEWAL COMPANY, LLC, C/O TUCKER DEVELOPMENT CORPORATION, 799 CENTRAL AVENUE, SUITE 300, HIGHLAND PARK, ILLINOIS 60035, AND OTHER APPLICABLE DOCUMENTS RELATED TO THE AUTHORIZATION AND ISSUANCE BY THE NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY OF NOT TO EXCEED $6,600,000.00 REDEVELOPMENT AREA BONDS (NON-RECOURSE TO THE FULL FAITH AND CREDIT OF THE CITY) AND DETERMINING VARIOUS OTHER MATTERS IN CONNECTION THEREWITH.
WHEREAS, on June 25, 1986, the Municipal Council of the City of Newark (the "City") adopted Resolution Nos. 7RB and 7RD, designating various properties, including, but not limited to, Blocks 236, 237 and 238 and the vacated portions of Beacon and Rankin Streets, now known as Block 236, Lots 1.01, 1.02, 1.03 and 1.04, on the current official tax map of the City (collectively, the "Development Parcel"), collectively as an area in need of redevelopment (the "Redevelopment Area") for purposes of the Local Redevelopment and Housing Law, constituting Chapter 79 of the Pamphlet Laws of 1992 of the State of New Jersey (the "State"), and the acts amendatory ther...
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