Title
Dept/ Agency: Law
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Pre-Litigation Settlement
Docket No.: N/A
Claimant: New Spring Urban Renewal Properties, LLC.
Claimant's Attorney: Andrew J. Camelotto, Esq., Gibbons Law
Attorney's Address: One Gateway Center, Newark, New Jersey 07102-5310
Settlement Amount: $184,204.24 as of January 23, 2019, plus interest and fees and other related charges due up to the date of redemption of tax lien
Funding Source: N/A
Additional Comments:
Invitation: Corporation Counsel
body
WHEREAS, New Spring Urban Renewal Properties, LLC ("New Spring"), with its current business address located at 189-237 Springfield Avenue, Newark, New Jersey 07103, filed an application, dated September 25, 2015, seeking a long term tax abatement under the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et. seq., for a fifteen (15) year term for a project consisting of a Sonic Drive-In Restaurant (the "Project") on real property commonly known as 217-237 Springfield Avenue, Newark, New Jersey and designated as Block 2502, Lot 1.01 on the City of Newark Tax Map (the "Property"); and
WHEREAS, finding that the relative benefits of the Project outweighed the costs associated with the tax exemption and that without the tax abatement the Project would not be undertaken, on November 2, 2016, the Newark Municipal Council adopted Ordinance 6PSF-c approving a fifteen (15) year long term tax abatement and authorizing the execution of a Financial Agreement for a project consisting of a Sonic Drive-In restaurant; and
WHEREAS, on January 24, 2017, the City and New Spring executed a Financial Agreement (the "Financial Agreement"), which provided, among other things, that New Spring would pay an Annual Service Charge during the term of the Financial Agreement equal to two percent (2%) of Total Project Costs (as defined in the Financial Agreement) (the "ASC"); and
WHEREAS, New Spring made certain tax p...
Click here for full text