Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Application for Long-Term Tax Abatement
Purpose: Approval of the Assignment and Assumption of the existing tax abatement and financial Agreement in sale of the affordable housing project located at 75-93 Lock Street from Lock Street Preservation Urban Renewal Partnership, L.P. to Lock 75 Nuttman Urban Renewal Entity, LLC
Entity Name: Lock 75 Nuttman Urban Renewal Entity, LLC
Entity Address: Glenpoint Center West, 500 Frank W. Burr Boulevard, suite 47, Teaneck, NJ 07666
Abatement Period: Continuation of original 50 year abatement
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)
2-22 Nuttman Street/Block 401/Lot 11/ Central Ward
Additional Information:
Original tax abatement granted by Resolution 7Rf 061880 to Neighborhoods of the Universities Lock Street Apartments Company
Assignment and Assumption granted by Resolution 7REG 080499 to Lockstreet Preservation Urban Renewal Partnership, LP
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WHEREAS, on June 18, 1980, the Newark Municipal Council adopted Resolution 7Rf granting a long term tax abatement to Neighborhoods of the Universities Lock Street Apartments Company, a New Jersey Limited Dividend partnership, under the Limited Dividend Non-Profit Housing Corporations or Associations Law, N.J.S.A. 55:16-1 et seq. (the "Limited Dividend Law") for an affordable housing project located at 75-93 Lock Street and designated as Block 401, Lot 11 on the Official Tax Map of the City of Newark (the "Project"); and
WHEREAS, as authorized under Resolution 7Rf 061880, the City entered into a Financial Agreemen...
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