Title
Dept/ Agency: Law
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Pre-Litigation Settlement
Docket No.: N/A
Claimant: City of Newark
Claimant's Attorney: Acting Corporation Counsel
Attorney's Address: 920 Broad Street, Suite 316, Newark, New Jersey 07102
Settlement Amount: $25,000.00
Funding Source: N/A
Additional Comments:
Hampton Valley Urban Renewal, LP., will make payments as set forth in the terms of the Settlement Agreement
Invitation: Corporation Counsel, April 4, 2017
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WHEREAS, on May 20, 2015, the Newark Municipal Council adopted Ordinance 6PSF-I granting a long term tax abatement to Hampton Valley Urban Renewal, LP ("Hampton Valley") for the rehabilitation of eighty nine (89) affordable housing units on the property located at 122-136 Elizabeth Avenue and 106-188 Elizabeth Avenue (the "Project"), all as described more fully within the tax abatement application and the financial agreement for tax abatement (the "Rehabilitation Project"); and
WHEREAS, in connection with closing out the Rehabilitation Project with the City, Hampton Valley was unable to show proof of compliance with the terms of Section 5.05 (b)(i) and c(ii) of the Financial Agreement related to Affirmative Action requirements and Local/Minority/Women Participation in Construction of the Rehabilitation Project; and
WHEREAS, pursuant to the terms of the Financial Agreement, as agreed to by the Parties, if Hampton Valley failed to comply with Section 5.05 (b)(i) and c(ii), it would be obligated to pay the City a monetary penalty in an amount as calculated in the tax abatement financial agreement, authorized pursuant to Ordinance 6PSF-I, adopted on May 20, 2015; and
WHEREAS, to avoid the need for litigation, the Mayor's Office of Affirmative Action and Hampton Valley negotiated a settlement whereby Hampton Valley has agreed to pay the City Twenty Five Thousand D...
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