Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Application for Long-Term Tax Abatement
Purpose: Resolution to Rescind Resolution 7R3-C (A.S.) 012115
Entity Name: Riverside Arms Urban Renewal LLP
Entity Address: 71 Lake Street, Colonia, NJ 07067
Abatement Period: Entity has requested that the City rescind the prior HMFA abatement and the Entity will pursue, under separate application, a long term abatement under NJ LTTE.
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)
14-16 Chester Avenue/Block 617/Lot 1.01/North Ward
2-14 Jules Place/Block 617/Lots 1.02-1.15/North Ward
63-95 Herbert Place/Block 617/Lots 1.16-1.25/North Ward
Additional Information:
Original tax abatement granted by Resolution 7R3-C (A.S.) 012115
Deferred 7R3-a (s) 031015
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WHEREAS, on January 21, 2015, the Municipal Council adopted Resolution 7R3-C(A.S.) (the "Resolution"), granting a long term tax abatement for property owned by Riverside Arms Urban Renewal, LLP (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, the Entity has advised that, for financial reasons, the Entity wishes to avail itself of the long term tax abatement pursuant to New Jersey Long Term Tax Exemption Law as set forth in N.J.S.A. 40A:20-1, et seq.; and
WHEREAS, the Municipal Council wishes to adopt this resolution in order to rescind the prior legislation and to permit the Entity to pursue a long term tax abatement pursuant to New Jersey Long Term Tax Exemption Law.
NOW, THEREFORE BE IT RESOLVED BY THE ...
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