Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Waiving 20 day period for an ordinance to take effect
Purpose: Declaring an emergency and providing for the immediate effectiveness of an ordinance approving the execution of a First Amendment to Financial Agreement with Newark Teachers Village Urban Renewal, L.L.C. and RBH-TRB Broad Mezz Urban Renewal Entity, LLC, which amends a Financial Agreement dated February 3, 2012 between the City of Newark and Newark Teachers Village Urban Renewal, L.L.C.
Ordinance No(s).: Ordinance 6PSFa (s)
Additional Information:
Two-Thirds vote of full membership required
Failed 7R3-a (s) 072114
Tabled 7R3-a 080614 Council of the Whole
body
WHEREAS, on July 21, 2014, following a public hearing as required by law, the Municipal Council finally adopted Ordinance 6PSFa (s) (the "Ordinance"), authorizing the execution of a First Amendment to Financial Agreement (the "First Amendment") with Newark Teachers Village Urban Renewal, L.L.C. (the "Initial URE") and its partial assignee and affiliate, RBH-TRB 905/909 Broad Mezz Urban Renewal Entity, LLC (the "Workforce B Successor URE"), amending certain provisions of the Financial Agreement dated February 2, 2013 (the "Financial Agreement") between the City and the Initial URE; and
WHEREAS, the Financial Agreement provides for a tax exemption and payment in lieu of taxes in respect of certain parcels of real property in the City, in furtherance of the development of a mixed-use residential, retail and charter school project known generally as the "Teachers Village" redevelopment project (the "Project"); and
WHEREAS, the purpose of the First Amendment is generally to divide the "Workforce B Component" of the Project into two separate condominium units, and also to add two parcels of land to the tax abatement; and
WHEREAS, the Initial URE and its affiliates have undertaken t...
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