Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing () Amending
Type of Service: Resolution Endorsing
Purpose: City of Newark application to the Local Finance Board
Additional Information:
141-149, 151-153, 155, 157-159 Washington Street/Block 66/Lots 12, 13, 38, 42, 43, 44, 45, 45-B01, 47, and 47-B01/Central Ward
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WHEREAS, the City of Newark, in the County of Essex, New Jersey (the "City") wishes to enter into a Financial Agreement (the "Financial Agreement") with 155 Washington Street Urban Renewal, LLC., 155 Washington Street, Newark, New Jersey 07102 (c/o L&M, 1865 Palmer Avenue, Suite 203, Larchmont, New York 10538), (the "Entity") under the provisions of the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq., (the "Tax Exemption Law"), and the Redevelopment Area Bond Financing Law, N.J.S.A. 40A:12A-64 et seq., (the "Redevelopment Bond Law"), in support of a redevelopment project to be undertaken by the Entity consisting of the construction of approximately 249 market rate rental units; 4,0001 square feet of office space; and 6,000 square feet of retail space within a designated "are in need of redevelopment" located within the City (the "Project"); and
WHEREAS, the Entity has previously filed with the City its application for a Long-Term Tax Abatement as provided in the proposed Financial Agreement (the "Tax Abatement Application"); and
WHEREAS, the Entity has indicated that it intends to finance a portion of the costs of the Project through the issuance by the City of up to $1,250,000.00, in bonds (the "RAB Bonds") pursuant to the Redevelopment Bond Law, the debt service for the repayment of which RAB Bonds will be derived from an assignment by the City to the trustee of the RAB Bonds of amounts payable by the Entity in respect of the "Pledged Annual Service Charge", as such term is defined in the Financial Agreement; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-67(a), a municipality may is...
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