Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( X ) Amending
Type of Service: Application for an Amendment to a Long-Term Tax Abatement
Purpose: Amendment and Restatement of the Financial Agreement
Entity Name: 609 Broad Street, LLC
Entity Address: 1865 Palmer Avenue, Suite 203, Larchmont, New York 10538
Abatement Period: 30 years
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/Block 18/Lot 39/Central Ward
Additional Information:
Original tax abatement granted by Resolution7R3-C(S) 100413
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WHEREAS, on October 4, 2013, the Municipal Council of the City of Newark adopted Resolution 7R3-C(S) granting a long term tax exemption to 609 Broad Street, LLC, a limited liability company having its principal office at 1865 Palmer Avenue, Suite 203, Larchmont, New York 10538 ("Entity") for a thirty-year term for a mixed-use project ("Project") pursuant to the provisions of the New Jersey Housing and Mortgage Finance Law of 1983, as amended and supplemented, N.J.S.A. 55:14K-1 et. seq. ("HMFA Law") on real property commonly known as 609-633 Broad Street and identified on the City of Newark's tax map as Block 18, Lot 39 (the "Property") and authorizing the Mayor to execute a Financial Agreement with Entity governing the terms and conditions of the long term tax exemption (the "Original Financial Agreement"); and
WHEREAS, the Entity and the Mayor, on behalf of the City of Newark, entered into the Original Financial Agreement on January 6, 2015; and
WHEREAS, the Entity is seeking the City's consent to amend and restate the Original Financial Agreement (th...
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