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 Lantana Urban Renewal, LP, 77 Park Street, Montclair, New Jersey 07042, needs to take immediate effect so that the applicant can meet the HFMA application deadline of May 2, 2017.
Ordinance No(s).: 6PSF-b (s) April 25, 2017- This ordinance amends and restates a long term tax abatement to Lantana Urban Renewal, LP, 77 Park Street, Montclair, New Jersey 07042, under the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq. for a thirty (30) year term for a project to construct eighty (80) affordable housing units located on real property commonly known as 109-119 Broad Street and 130-132 North 11th Street and identified on the City's tax map as Block 1, 3, 4, 5, 51, 54, 59 and 60 and Block 1926, Lot 1.02 (Central Ward)
Additional Information:
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WHEREAS, on April 30, 2012, the Newark Municipal Council adopted Ordinance 6PSF-a(S) granting a long term tax abatement to Lantana Urban Renewal, LP, consisting of the construction of sixty (60) affordable housing units located at 109-119 Broad Street and identified on the City tax map as Block 523, Lots 1, 3, 4, 5, 51, 54, 59 and 60 (the "Original Project"); and
WHEREAS, the City and Lantana Urban Renewal, LP, subsequently executed a Financial Agreement governing the Original Project (the "Original Financial Agreement"); and
WHEREAS, the Lantana Urban Renewal, LP has changed the Original Project to include construction of eighty (80) affordable housing units located at 109-119 Broad Street and 130-132 North 11th Street and identified on the City tax map as Block 523, Lots 1, 3, 4, 5, 51, 54, 59 and 60 and Block 1926, Lot 1.02 (the " Project"); and
WHEREAS, Lantana Urban Renewal, LP, 77 Park Street, Montclair, New Jersey 07042, filed a...
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