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File #: 19-0953    Version: 1 Name: Newark Makerhoods Bond Ordinance
Type: Ordinance Status: Adopted
File created: 6/3/2019 In control: Economic and Housing Development
On agenda: 8/7/2019 Final action: 9/24/2019
Title: AN ORDINANCE GRANTING A TAX EXEMPTION TO NEWARK MAKERHOODS URBAN RENEWAL, LLC, 200 CENTRAL PARK SOUTH, 9R, NEW YORK, NEW YORK 10019, FOR A PROJECT TO CONSTRUCT A MIXED-USE COMPLEX CONSISTING OF 66 UNITS OF HOUSING, INCLUDING 16 AFFORDABLE HOUSING UNITS, AND 16 AFFORDABLE WORKSHOPS, AND THE REHABILITATION OF THE KRUEGER SCOTT MANSION INTO A BUSINESS INCUBATION SPACE, WITH APPROXIMATELY 20,000 SQUARE FEET OF OFFICE SPACE FOR LOCAL COMMERCIAL ENTITIES LOCATED ON PROPERTY KNOWN AS 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, NEWARK, NEW JERSEY 07103, WITHIN THE CENTRAL WARD OF THE CITY, AND IDENTIFIED ON THE TAX MAP OF THE CITY OF NEWARK AS BLOCK 2508, LOTS 18, 19, 20, 21, 22, 29, 34, 43, 46, 47 AND 52 AND AUTHORIZING THE EXECUTION AND DELIVERY OF A FINANCIAL AGREEMENT AND OTHER APPLICABLE DOCUMENTS RELATED TO THE ISSUANCE OF REDEVELOPMENT AREA BONDS (NON-RECOURSE TO THE FULL FAITH AND C...
Sponsors: LaMonica R. McIver, Mildred C. Crump
Attachments: 1. certified ordinance.pdf
Related files: 19-1966
Title
AN ORDINANCE GRANTING A TAX EXEMPTION TO NEWARK MAKERHOODS URBAN RENEWAL, LLC, 200 CENTRAL PARK SOUTH, 9R, NEW YORK, NEW YORK 10019, FOR A PROJECT TO CONSTRUCT A MIXED-USE COMPLEX CONSISTING OF 66 UNITS OF HOUSING, INCLUDING 16 AFFORDABLE HOUSING UNITS, AND 16 AFFORDABLE WORKSHOPS, AND THE REHABILITATION OF THE KRUEGER SCOTT MANSION INTO A BUSINESS INCUBATION SPACE, WITH APPROXIMATELY 20,000 SQUARE FEET OF OFFICE SPACE FOR LOCAL COMMERCIAL ENTITIES LOCATED ON PROPERTY KNOWN AS 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, NEWARK, NEW JERSEY 07103, WITHIN THE CENTRAL WARD OF THE CITY, AND IDENTIFIED ON THE TAX MAP OF THE CITY OF NEWARK AS BLOCK 2508, LOTS 18, 19, 20, 21, 22, 29, 34, 43, 46, 47 AND 52 AND AUTHORIZING THE EXECUTION AND DELIVERY OF A FINANCIAL AGREEMENT AND OTHER APPLICABLE DOCUMENTS RELATED TO THE ISSUANCE OF REDEVELOPMENT AREA BONDS (NON-RECOURSE TO THE FULL FAITH AND CREDIT OF THE CITY), AUTHORIZING THE ISSUANCE OF THE REDEVELOPMENT AREA BONDS IN A PRINCIPAL AMOUNT NOT TO EXCEED $2,500,000.00 AND DETERMINING VARIOUS OTHER MATTERS IN CONNECTION THEREWITH.
Deferred 6PSF-l 090519
Deferred 6PSF-g 091819

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WHEREAS, on June 15, 1960, the City adopted Resolution 7Rb, approving the Urban Renewal Plan for Old Third Ward Urban Renewal Project N.J.R-6, as most recently amended by the 20th Amendment to Living Downtown Redevelopment Plan pursuant to Ordinance 6PSF-e finally adopted by the City on October 5, 2011(as amended and as may be further amended from time to time, the "Redevelopment Plan"); and


WHEREAS, on November 6, 1963, the City adopted Resolution 7Rf declaring all the area included in the Redevelopment Plan, including certain property in the City's Central Ward, known as 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 Pl...

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