Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Resolution Endorsing
Purpose: City of Newark Application to the Local Finance Board
Additional Information:
597-601 and 607-609 Dr. Martin Luther King, Jr. Boulevard, 129-135,137, 139, 141, 143 and 145 Court Street and 20-22,24-26 and 28 College Place/ Block 2508, Lots 18, 19, 20, 21, 22, 29, 34, 43, 46, 47, and 52 (Newark Makerhoods Urban Renewal, LLC)
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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 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
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, or cause to be issued, bonds for the purpose of financing all or a portion of the cost of redevelopment projects, which bonds may be secured by PILOTS; and
WHEREAS, Newark Makerhoods Urban Renewal, LLC (the "Entity"), 200 Central Park South, 9R, New York, New York 10019, is undertaking a redevelopment project located at 597-601 and 607-609 Dr. Martin Luther King, Jr. Boulevard, 129-135,137, 139, 141, 143 and 145 Court Street and 20-22,24-26 and 28 College Place and identified on the City's tax map as Block 2508, Lots 18, 19, 20, 21, 22, 29, 34, 43, 46, 47, and 52, consisting of the...
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