Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Application for Long-Term Tax Abatement
Purpose: Corrective Resolution to Rescind Resolution 7RCS 120496 and Ordinance 6S & FC 030205
Entity Name: 609 Broad Street LLC
Entity Address:
Abatement Period: Corrective Resolution to rescind prior abatements and retain 30 year abatement granted by Resolution 7R3- C (S) ,October 4, 2013, to 609 Broad Street, LLC.
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
609-633 Broad Street Street/Block 18/ Lot 39/ Central Ward
Additional Information:
Resolution #7RCS 120496; granted original tax abatement to Hahnes Newark Urban Renewal, LLC
Ordinance 6S & FC 030205; granted tax abatement to HG Jetson Urban Renewal Investors, LLC
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WHEREAS, on October 4, 2013, the Municipal Council adopted Resolution No. 7R3-c(S) 100413 (the "Resolution", a copy of which is attached hereto as Exhibit A), granting a long term tax abatement for property owned by 609 Broad Street, LLC (the "Entity") pursuant to the New Jersey Housing and Mortgage Finance Agency Law of 1983, as amended and supplemented (N.J.S.A. 55:14K-1 et seq.); and
WHEREAS, it was the City's intent as part of the Resolution to rescind any prior property tax abatements or exemptions that it may have previously authorized for the property, including without limitation, Resolution 7RCS 120496 to Hahnes Newark Urban Renewal, LLC and Ordinance No. 6S&FC 030205 to HG Jetson Urban Renewal Investors, LLC (the "Prior Legislation"); and
WHEREAS, the Municipal Council wishes to adopt this resolution in order to resci...
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