Title
ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO HIGH STREET HEIGHTS, LLC, 580 DR. MARTIN LUTHER KING, JR. BOULEVARD, NEWARK, NEW JERSEY 07103, THE OWNER OF A PROJECT CONSISTING OF A THREE STORY BUILDING CONTAINING SIX (6) AFFORDABLE HOUSING UNITS LOCATED AT 577-579 DR. MARTIN LUTHER KING, JR. BOULEVARD AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 2507, LOT 19. (CENTRAL WARD).
Deferred 6PSF-d 010616
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WHEREAS, on September 6, 2012, the City of Newark Municipal Council adopted Resolution 7R3-P granting a Long Term Tax Abatement to High Street Heights, LLC (the "Entity") for property known as 577-583 Dr. Martin Luther King Jr. Boulevard and referred to on the tax maps of the City as Block 2507, Lots 19, 55, 56 and 62, 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., the "HMFA Law"); and
WHEREAS, the City and the Entity did not execute the Financial Agreement as authorized in the Prior Legislation; and
WHEREAS, on May 15, 2014 the Entity transferred Block 2507, Lots 55, 56 and 62 to Alpha Drive LLC; and
WHEREAS, on July 9, 2014, the Entity filed an application with the Mayor seeking a Long Term Tax Abatement pursuant to the "HMFA Law" for a term of Thirty (30) years for six (6) units of affordable housing located at 577-579 Dr. Martin Luther King, Jr. Boulevard, and identified on the official tax map of the City as Block 2507, Lot 19 (the "Property"), consisting of an existing three story building in disrepair, which the Entity proposes to create six (6) one bedroom apartment units on the first through third floors with community space in the basement for social and education programming (the "Project"); and
WHEREAS, on October 14, 2015, the City Municipal Council adopted Resolution 7R3-a(S) rescinding the Prior Legislation; and
WHEREAS, the Mayor has submitted the application and pro...
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