Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Assignment of Contract Agreement
Purpose: Consenting to transfer property and assignment of Financial Agreement from RNJ Court Street Urban Renewal, LLC to Court Tower Urban Renewal, LLC, for an affordable housing project located at 961-985 Broad Street and designated as Block 111, Lot 75, Newark, New Jersey 07102
Entity Name: Court Tower Urban Renewal, LLC
Entity Address: 200 Vesey Street, 24th Floor, New York, New York 10281
Contract Amount: N/A
Funding Source: N/A
Contract Period: N/A
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a
List of Property:
961-985 Broad Street/Block 111/Lot 75/Central Ward)
Additional Information:
Original Tax Abatement granted by Ordinance 6PSF-c (s) adopted on May 26, 2016.
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WHEREAS, on May 26, 2016, Newark Municipal Council adopted Ordinance 6PSF-c(S) granting a long term tax abatement to RNJ Court Street Urban Renewal, LLC (the "Assignor") pursuant to the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq. for a project consisting of the rehabilitation and refinancing of a two hundred and twenty-one (221) unit affordable housing project located at 961-985 Broad Street and designated as Block 111, Lot 75 on the Official Tax Map of the City (the "Project"); and
WHEREAS, as authorized under Ordinance 6PSF-c(S) May 26, 2016, the City entered into a Financial Agreement with Assignor governing the tax abatement for the Project (the "Financial Agreement"); and
WHEREAS, Court Tower Urban Renewal, LLC (the "Assignee") has entered into a purchase and sale agreement with Assignor to purchase the Project; and
WHEREAS, the Assignee has filed an application with the City (the "Application") seeking C...
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