Title
Dept./ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Issuance and sale of redevelopment area bonds
Purpose: Authorizing the Execution and Delivery by the City of a Pledge and Assignment Agreement and such other documents and instruments as necessary for the issuance by the New Jersey Economic Development Authority of its' Redevelopment Area Taxable Bonds (East Park Street Hospitality Urban Renewal, Inc., 22-26 East Park Street, Newark, New Jersey 07102 - 2018 Project), in an aggregate principal amount of $420,000.00.
Additional Information:
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WHEREAS, the Local Redevelopment and Housing Law (N.J.S.A. 40A:12A-1 et seq.) as amended and supplemented (the "Redevelopment Law") promotes the social and economic improvement of the State and its' several municipalities, in part, by providing a process for the redevelopment, rehabilitation, and improvement of commercial and industrial facilities; and
WHEREAS, pursuant to and in accordance with the provisions of the Redevelopment Area Bond Financing Law, constituting Chapter 310 of the Pamphlet Laws of 2001 of the State, and the acts amendatory thereof and supplemental thereto (the "Redevelopment Bond Law", as codified in N.J.S.A. 40A:12A-64 et seq.), specifically N.J.S.A. 40A:12A-66(a), the City is authorized to provide for a tax abatement within a redevelopment area and for payments in lieu of taxes ("PILOTS") in accordance with certain applicable provisions of the Long Term Tax Exemption Law, constituting Chapter 431 of the Pamphlet Laws of 1991 of the State, and the acts amendatory thereof and supplement thereto (the "Long Term Tax Law", as codified in N.J.S.A. 40A:20-1 et seq. and together with the Redevelopment Law and the Redevelopment Bond Law, the "Acts"); and
WHEREAS, pursuant to and in accordance with the provisions of the Redevelopment Bond Law, specifically N.J.S.A. 40A:12A-67(a), the City may issue, o...
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