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AN ORDINANCE PROVIDING CONSENT TO CAPC WASHINGTON STREET URBAN RENEWAL, LLC'S ACQUISITION OF PROPERTY KNOWN AS 450-460 WASHINGTON STREET AND IDENITIFED ON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 116, LOTS 62.02, 62.03, 62.04 AND 62.07 FROM LINCOLN PARK REDEVELOPMENT URBAN RENEWAL CORPORATION AND THE CONTINUATION OF THE TAX ABATEMENT FOR A MIXED-USE DEVELOPMENT CONSISTING OF TWELVE (12) MARKET RATE RESIDENTIAL UNITS AND FIRST FLOOR COMMERCIAL UNITS LOCATED WITHIN SEPARATE FOUR (4) STORY TOWNHOUSES. (CENTRAL WARD).
Sponsors: Chaneyfield Jenkins/ Gonzalez
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WHEREAS, on March 19, 2008, Newark Municipal Council adopted Ordinance 6S&Fe granting a long term tax abatement to Lincoln Park Redevelopment Urban Renewal Corporation ("Lincoln Park") under the Long Term Tax Exemption Law, for a mixed-use development consisting of twelve (12) market rate residential units and first floor commercial units located within separate four (4) story townhouses located at 450-466 and 470-480 Washington Street and designated as Block 116, Lots 55, 62.01-62.07 on the Official Tax Map of the City of Newark (the "Project"); and
WHEREAS, on May 14, 2008, the City entered into a Financial Agreement with Lincoln Park governing the tax abatement for the Project (the "Lincoln Park Financial Agreement"); and
WHEREAS, the Project was completed in 2008; and
WHEREAS, Lincoln Park has entered into a contract with CAPC Washington Street Urban Renewal, LLC (the "Entity") to sell a portion of the Project, consisting of Block 116, Lots 62.02, 62.03, 62.04, 62.07 on the Official Tax Map of the City of Newark (the "CAPC Property"); and
WHEREAS, the Lincoln Park Financial Agreement requires that the City approve the sale of the Project or any portion thereof; and
WHEREAS, the Entity has filed an application with the City (the "Application") seeking City consent to the sale of the CAPC Property and the assignment of the Lincoln Park Financial...
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