Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Waiving 20 day period for an ordinance to take effect
Purpose: This resolution hereby authorizes an emergency to be declared and further authorizes Ordinance 6PSF-a(S), granting a long term tax abatement to Telephone Heights Preservation Urban Renewal Associates, L.P., 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 for the rehabilitation of an existing affordable housing project, including without limitation, bathroom and kitchen upgrades and energy efficiency improvements, located on real property commonly known as 176-182 Avon Avenue, Newark, New Jersey and identified on the City's tax map as Block 2660, Lot 6 (South Ward), in order for Telephone Heights Preservation Urban Renewal Associates, LP to meet the New Jersey Housing and Mortgage Finance Agency deadline of June 15, 2018 to close on the financing.
Ordinance No(s).: Ordinance 6F-b, adopted on first reading by the Municipal Council on May 23, 2018. Ordinance 6PSF-a(S) is scheduled for a public hearing, second reading and final passage.
Additional Information:
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WHEREAS, Telephone Heights Preservation Urban Renewal Associates, L.P., 77 Park Street, Montclair, New Jersey 07042, filed an application with the Mayor seeking a long term tax abatement under the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq., for a thirty (30) year term for the rehabilitation of an existing affordable housing project, including without limitation, bathroom and kitchen upgrades and energy efficiency improvements, located on real property commonly known as 176-182 Avon Avenue, Newark, New Jersey and identified on the City's tax map as Block 2660, Lot 6 (the "Project"); and
WHEREAS, the above Tax Abatement Application was advanced and ...
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