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AN ORDINANCE AMENDING ORIGINAL ORDINANCE 6PSF-B(S) APRIL 30, 2012, TAX ABATEMENT GRANTED TO SOMERSET BROWNSTONES URBAN RENEWAL ASSOCIATES, LLC, 3 EAST STOW ROAD, MARLTON, NEW JERSEY 08053, PURSUANT TO THE LONG TERM TAX EXEMPTION LAW, TO CHANGE THE ANNUAL SERVICE CHARGE FROM 6.28% OF ANNUAL GROSS REVENUE TO 5% OF ANNUAL GROSS REVENUE FOR AN AFFORDABLE HOUSING PROJECT, INCLUDING, BUT NOT LIMITED TO THE CONSTRUCTION OF FOUR (4) THREE-STORY BROWNSTONE-STYLE TOWNHOMES, CONTAINING A TOTAL OF APPROXIMATELY SIXTY (60) RENTAL HOUSING UNITS, LOCATED AT 25-49 SOMERSET STREET AND IDENTIFIED ON THE CITY'S TAX MAPS AS BLOCK 2556, LOT 1.02 (CENTRAL WARD)
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WHEREAS, on April 30, 2012, the Newark Municipal Council adopted Ordinance 6PSF-b(S) (the "Ordinance", a copy of which is attached hereto as Exhibit A) granting a thirty (30) year tax abatement to Somerset Brownstones Urban Renewal Associates, LLC, a New Jersey Urban Renewal entity qualified to do business under the provisions of the Long Term Tax Exemption Law as amended and supplemented, N.J.S.A. 40A:20-1, et seq. (the "Long Term Tax Exemption Law"), with an address of 3 East Stow Road, Marlton, New Jersey 08053 (the "Entity"), for an affordable housing project, including, but not limited to the construction of four (4), three- story brownstone-style townhomes containing a total of approximately sixty (60) rental housing units, located at 25-49 Somerset Street, Newark, New Jersey and identified on the City tax map as Block 2556, Lot 1.02 (Central Ward) (the "Project"); and
WHEREAS, the Parties entered into a certain Financial Agreement, dated August 15, 2012, (the "Original Financial Agreement", a copy of which is attached hereto as Exhibit B,) and together with this Amendment No. 1 to the Financial Agreement, (are collectively referred to as the "Financial Agreement"); and
WHEREAS, the Annual Service Charge under the Original Financial Agreement is 6.28% of Annual Gross Revenue; and
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