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: Tax abatement for Riverside Arms Urban Renewal, LLP, 71 Lake Street, Colonia, New Jersey 07067, needs to take immediate effect so that the applicant can meet the HFMA financing deadline
Ordinance No(s).: 8d(as) March 18, 2015
Additional Information:
6PSF-D, April 1, 2015
body
WHEREAS, Riverside Arms Urban Renewal, LLP, 71 Lake Street, Colonia, New Jersey 07067 (the "Redeveloper"), filed an application with the Mayor seeking a long term tax abatement for a three story multifamily apartment complex with 128 units (10 one bedroom units, 71 two bedroom units and 47 three bedroom units(the "Project") on property commonly known as 14-16 Chester Avenue, 1-14 Jules Place, 63-95 Herbert Place, Newark, New Jersey and identified on the official tax map of the City as Block 617, Lots 1.01-1.25(the "Property") pursuant to the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq.; and
WHEREAS, the above tax abatement application was advanced and adopted on first reading by the Municipal Council on March 18, 2015 through Ordinance 8d(AS) and is scheduled for a public hearing, second reading and final passage on April 1, 2015; and
WHEREAS, the Project is being financed, in part, by the New Jersey Housing and Mortgage Finance Agency (the "HMFA"); and
WHEREAS, the HMFA conditioned its financing of the Project upon the approval of the Long Term Tax Abatement by April 1, 2015; and
WHEREAS, the Redeveloper must obtain the tax abatement for the Project to meet its obligations to HMFA; and
WHEREAS, there is therefore an exigent need for the tax abatement for this project to take immediate effect so that the Redeveloper is able to close on the HMFA financing for the Project within these deadlines; and
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