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AN ORDINANCE AMENDING ORIGINAL TAX ABATEMENT GRANTED TO WESLEY TOWERS CORPORATION UNDER THE LIMITED DIVIDEND LAW FOR AN ADDITIONAL FIVE (5) YEARS AND FOUR (4) MONTHS FOR AN AFFORDABLE HOUSING PROJECT LOCATED AT 444 MT. PROSPECT AVENUE AND IDENTIFIED ON THE CITY'S TAX MAPS AS BLOCK 629, LOT 7 (NORTH WARD).
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WHEREAS, on February 17, 1965, the Newark Municipal Council adopted Resolution 7Rx granting a long term tax abatement to Wesley Towers Corporation ("Wesley Towers"), a non-profit corporation with an address of 227 Market Street, Newark, New Jersey 07102, formed and operating under the Limited Dividend Non-Profit Housing Corporations or Associations law, N.J.S.A. 55:16-1 et seq. (the "Limited Dividend Law"), for a senior affordable housing project located at 444 Mt. Prospect Avenue and identified on the City tax map as Block 629, Lot 7 (North Ward) (the "Project"); and
WHEREAS, on October 5, 1966, the Municipal Council adopted Resolution 7Rj authorizing the Mayor to execute a financial agreement with Wesley Towers for the Project; and
WHEREAS, the City and Wesley Towers subsequently executed a financial agreement governing the Project on February 9, 1966 (the "Original Financial Agreement"); and
WHEREAS, although the Limited Dividend Law authorized municipalities to grant tax abatements for a term of up to fifty (50) years, the tax abatement granted by the City to Wesley Towers was only for a term of forty-seven (47) years; and
WHEREAS, the Limited Dividend Law was repealed in 1992 and was replaced by the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq. (the "LTTE Law"), but the LTTE Law explicitly saved from repeal and ratified all existing tax abatements granted under the Limited Dividend Law; and
WHEREAS, on April 3, 1991, the Newark Municipal Council adopted Resolution 7Rbs rescinding the Financial Agreement; and
WHEREAS, on August 1, 1996, the Newark Municipal Coun...
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