Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Transfer and Assumption Application for Long-Term Tax Abatement Financial Agreement.
Purpose: Assignment and Assumption of Long Term Tax Abatement from 1180 Astro Urban Renewal Investors, LLC to 1180 Raymond Urban Renewal, LLC.
Entity Name: 1180 Raymond Urban Renewal, LLC
Entity Address: c/o KBS Realty Advisors, LLC; 620 Newport Center Drive, Suite 1300, Newport Beach, California 92660
Abatement Period: 30 years (started in 2005)
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)
1180 Raymond Boulevard/Block 144/ Lot 9/Central Ward
Additional Information:
Ordinance 6PHS&FD March 2, 2005, approved a 30-year Tax Abatement and the Issuance of Redevelopment Area Bonds for the Redevelopment Project.
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WHEREAS, on May 3, 2005, the Municipal Council of the City of Newark (the "Municipal Council") adopted Ordinance 6PHS&FD granting a thirty (30) year tax abatement to 1180 Astro Urban Renewal Investors LLC ("1180 Astro") under the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq. (the "LTTE") for a redevelopment project on property located at 1180 Raymond Boulevard, Newark, New Jersey and identified on the City's official tax map as Block 144, Lot 9 (the "Property") and authorizing the issuance of redevelopment area bonds for the project; and
WHEREAS, the City subsequently entered into a Financial Agreement with 1180 Astro dated December 23, 2005 and recorded with the Essex County Register's Office on February 16, 2006 in Book 6298 at Page 661 governing the tax abatement on the Property (the "Financial Agreement") and...
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