Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Resolution Endorsing
Purpose: Endorsing and consenting to alteration of grant and changing the administration of the grant from Greenspaces to Newark Community Economic Development Corporation
Additional Information:
Ordinance 6PS&FA 062414 granting Tax Abatement to Three Penn Plaza Property Holdings Urban Renewal, LLC
Deferred 7R3-a (as) 010715
body
WHEREAS, on June 24, 2014, the Newark Municipal Council adopted Ordinance 6PS&FA 062414 granting a long term tax abatement to Three Penn Plaza Property Holdings Urban Renewal, LLC, an urban renewal entity with an address of 3 Penn Plaza East, 943-973 Raymond Blvd., Newark, NJ 07105 (the "Entity"), under the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et. seq. (the "LTTEL"), and authorizing the Mayor to sign a sign a financial agreement between the City and the Entity (the "2014 Financial Agreement"); and
WHEREAS, the 2014 Financial Agreement includes provisions governing the terms and conditions of the long term tax abatement as required under N.J.S.A. 40A:20-9, including, among other things, provisions governing the term of the tax abatement and the payment and calculation of the annual service charge to be paid by the Entity to the City; and
WHEREAS, during the tax abatement application process, the Entity also agreed to provide the City's designated agent with a grant to be used for certain delineated purposes, including but not limited to the acquisition, design, improvement and maintenance of riverfront parks located in the vicinity of the Entity's Project; and
WHEREAS, as a matter of convenience, rather than entering into a separate grant agreement, the City and the Entity decided to include language within the 2014 Financial Agreement governing the terms and conditions of this grant; and
WHER...
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