Title
AN ORDINANCE GRANTING A TWENTY-SEVEN (27) YEAR TAX ABATEMENT TO RNJ COURT URBAN RENEWAL, LLC, FOR A PROJECT CONSISTING OF THE REHABILITATION AND REFINANCING OF A PROJECT CONSISTING OF TWO HUNDRED AND TWENTY-ONE (221) AFFORDABLE HOUSING UNITS ON REAL PROPERTY KNOWN AS 961-985 BROAD STREET AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 111, LOT 75.
Sponsors: Chaneyfield Jenkins/ Crump
Deferred 6PSF-n 051816
Body
WHEREAS, on February 26, 2013, the Municipal Council adopted a Resolution 7R3- a(S)(the "Prior Legislation", a copy of which is attached hereto as Exhibit A), granting a thirty (30) year tax abatement to RMJ Court Urban Renewal, LLC, 501 Fifth Avenue, 23rd Floor, New York, New York 10176 for a project consisting of the rehabilitation of two hundred and twenty-one (221) affordable housing units located on real property commonly known as 961-985 Broad Street, Newark, New Jersey and identified on the City's tax map as Block 111, Lot 75 (the "Project") 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.) ("HMFA Law"); and
WHEREAS, RNJ Court Urban Renewal, LLC intends to rehabilitate and refinance the Project which will make it no longer eligible for tax exemption pursuant to the HMFA Law; and
WHEREAS, RNJ Court Urban Renewal, LLC, 501 Fifth Avenue, 23rd Floor, New York, New York 10176, seeks to continue the tax exemption on the Project, and has filed an application with the Mayor seeking a long term tax abatement under the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq. for a twenty-seven (27) year term in order to rehabilitate and refinance the Project; and
WHEREAS, the Mayor has submitted the application and proposed Financial Agreement to the Municipal Council with his recommendation thereof, a copy of which is annexed hereto; and
WHEREAS, in accordance with Ordinance 6PSF-a adopted May 4, 2011, RNJ Court Urban R...
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