Title
Dept./ Agency: Economic and Housing Development
Action: ( ) Ratifying ( X ) Authorizing ( ) Amending
Type of Service: Waiving 20 day period for an ordinance to take effect
Purpose: This resolution seeks to authorize an emergency be declared to exist, for Ordinance 6PSF-c, which grants a Thirty (30) Year Tax Abatement to Terrell Redevelopment Partners Urban Renewal, LP, One Parker Plaza, Fort Lee, New Jersey 07024, for the property situated at 59-97 Chapel Street, (informally 35 Riverview Court), Newark, New Jersey 07105, and to be identified on the Official Tax Map of the City of Newark, as Block 2442, Lot 1.02, that upon perfection of the Central Planning Board's August 17, 2020 minor subdivision approval, the Ordinance become effective once adopted by the Municipal Council after Public Hearing, Second Reading and Final Passage, in accordance with N.J.S.A. 40:69A-181(b). This is due to the exigent need for the Project to meet the New Jersey Housing and Mortgage Finance Agency's 9% Tax Credits application deadline of September 23, 2020 and to address the need for affordable housing in the City of Newark.
Ordinance No(s).:
Ordinance 6F-a, adopted on First Reading by the Municipal Council on September 11, 2020.
Ordinance 6PSF-c is scheduled for a Public Hearing, Second Reading and Final Passage on September 22, 2020.
Additional Information:
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WHEREAS, Terrell Redevelopment Partners Urban Renewal, LP, One Parker Plaza, Fort Lee, New Jersey 07024, filed an application with the Mayor seeking a long term tax abatement pursuant to the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq., for a thirty (30) year term for a Project to construct a new five (5) story building consisting of sixty-nine (69) affordable, age-restricted rental units comprised of fifty-four (54) units restricted to 80% of AMI, fourteen (14) units restricted to 30% of AMI, and one (1) superintendent's unit, including a set aside of eigh...
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