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ORDINANCE AMENDING ORDINANCE 6PSF-G, NOVEMBER 18, 2013, AND 6PSF-B, NOVEMBER 17, 2014, AUTHORIZING AN AMENDED AND RESTATED FINANCIAL AGREEMENT BY AND BETWEEN THE CITY OF NEWARK AND TWO CENTER STREET URBAN RENEWAL, L.L.C., IN ORDER TO REFLECT CERTAIN CHANGES FROM THE ORIGINAL PROJECT, INCLUDING WITHOUT LIMITATION, THE ADDITION OF AN OFFICE COMPONENT, THE INCREASE IN THE AMOUNT OF RESIDENTIAL UNITS FROM 244 TO 245, THE DECREASE IN THE NUMBER OF PARKING SPACES FROM 543 TO 285, THE INCREASE IN CERTAIN SQUARE FOOTAGE OF COMMON AREA AND RETAIL SPACE AND A CHANGE IN THE CONSTRUCTION SCHEDULE FOR THE PROJECT TO BE CONSTRUCTED TO OCCUR NO LATER THAN MARCH 31, 2017, WITH A COMPLETION DATE NO LATER THAN JUNE 30, 2019, ON PROPERTY KNOWN AS 34-40 PARK PLACE, BLOCK 125, LOT 26. (CENTRAL WARD)
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WHEREAS, on November 18, 2013, the Municipal Council of the City adopted Ordinance 6PSF-g, entitled "ORDINANCE APPROVING THE EXECUTION OF A FINANCIAL AGREEMENT WITH TWO CENTER STREET URBAN RENEWAL, L.L.C., C/O DRANOFF PROPERTIES, INC., 3180 CHESTNUT STREET, PHILADELPHIA, PENNSYLVANIA 19104, AND OTHER APPLICABLE DOCUMENTS RELATED TO THE AUTHORIZATION AND ISSUANCE BY THE NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY OF ITS REDEVELOPMENT AREA BONDS (NON-RECOURSE TO THE FULL FAITH AND CREDIT OF THE CITY) IN AN AMOUNT SUFFICIENT TO GENERATE UP TO $1,000,000.00 IN PROJECT COSTS, AND DETERMINING VARIOUS OTHER MATTERS IN CONNECTION THEREWITH" (the "2013 Ordinance"), accepting and approving the Exemption Application and authorizing the Mayor to execute, on the City's behalf, a Financial Agreement (the "2013 Agreement") with Two Center Street Urban Renewal, L.L.C., (the "Entity") for a twenty (20) year tax abatement in connection with the construction of a twenty-two (22) story mixed-use rental residential and retail project consisting of approximately 10,000 square feet of common area, approximately 15,000 square feet of retail space, and approximately 244 residential units ...
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