Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Waiving 20 day period for an ordinance to take effect
Purpose: Tax abatement for 650 Springfield Ave Urban Renewal, LLC, 61 Deans Lane, Monmouth, New Jersey 08852, needs to take immediate effect so that the applicant can meet the HFMA application deadline of May 2, 2017.
Ordinance No(s).: 6PSF-a(s) April 25, 2017- This Ordinance grants a long term tax abatement to 650 Springfield Ave Urban Renewal, LLC, 61 Deans Lane, Monmouth, New Jersey 08852, under the HFMA Law for thirty (30) years for a project to acquire and renovate a four (4) story building into fifty-nine (59) affordable housing rental located at 650-656 Springfield Avenue, 708 South 17th Street and724-726 South 17th Street and 47-55 19th Avenue and identified on the City's tax maps as Block 364, Lots 1, 2, 21, 22, 24, 26, 27, 28 and 29. (South Ward).
Additional Information:
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WHEREAS, on January 26, 2017, 650 Springfield Ave Urban Renewal, LLC, 61 Deans Lane, Monmouth, New Jersey 08852 (the "Entity") filed an application with the Mayor seeking a long term tax abatement pursuant to the New Jersey Housing and Mortgage Finance Agency Law of 1983, as amended and supplemented (N.J.S.A. 55:14K-1 et seq., (the "HMFA Law"), for a thirty (30) year term for a project to acquire and renovate a four (4) story building into fifty-nine (59) affordable housing rental units located at 650-656 Springfield Avenue, 708 South 17th Street and 724-726 South 17th Street and 47-55 19th Avenue and identified on the City's tax maps as Block 364, Lots 1, 2, 21, 22, 24, 26, 27, 28 and 29 (the "Project"); and
WHEREAS, the above tax abatement application was advanced and adopted on first reading by the Municipal Council on April 13, 2017 through Ordinance 6F-a(s), the Ordinance grants the Project a long term tax abatement, and is scheduled for a public hea...
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