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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 Agreement from Lincoln Park to the Entity; and
WHEREAS, the City has reviewed the Application and has determined that the Entity is a duly-authorized urban renewal entity that has the capacity and experience to own and operate the CAPC Property; and
WHEREAS, since not all of the Project is being sold to the Entity, the Parties have determined to enter into a new Financial Agreement governing the CAPC Property with the same term as the Lincoln Park Financial Agreement.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The Application of CAPC Washington Street Urban Renewal, LLC, c/o Community Asset Preservation Corporation, 108 Church Street, 3rd Floor, New Brunswick, New Jersey 08901 (the “Entity”), for the acquisition of the CAPC Property from Lincoln Park Redevelopment Urban Renewal Corporation and for the property 450-460 Washington, Block 116, Lots 62.02, 62.03, 62.04 and 62.07, continuation of the tax abatement, for a mixed-use development, is hereby approved.
2. The Mayor of the City of Newark is hereby authorized to execute, on the City’s behalf, the Consent to Transfer and Financial Agreement in the form attached hereto.
3. The long term tax abatement for the CAPC Property will expire on May 31, 2029 and will remain in effect until that date provided the Entity complies with all applicable State statutes, City Ordinances and Resolutions and terms of the Consent to Transfer and Financial Agreement.
4. An executed copy of the Consent to Transfer and Financial Agreement authorized by this ordinance shall be filed and maintained with the City Clerk.
5. The Office of the City Clerk of the City of Newark shall forthwith submit a certified copy of the ordinance approving the tax abatement and the proposed Consent to Transfer and Financial Agreement to the Director of the Division of Local Government Services.
6. This ordinance shall take effect upon final passage and publication in accordance with the laws of the State of New Jersey.
STATEMENT
This Ordinance provides the City of Newark’s consent to the conveyance of property known as 450-460 Washington Street and identified on the City’s tax map as Block 116, Lots 62.02, 62.03, 62.04 and 62.07 from Lincoln Park Redevelopment Urban Renewal Corporation to CAPC Washington Street Urban Renewal, LLC and the continuation of the tax abatement related thereto.