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AN ORDINANCE AMENDING 6PSF-I ADOPTED ON JULY 10, 2019, THE ORIGINAL TAX ABATEMENT, GRANTED TO SESNAR GROUP URBAN RENEWAL, LLC, P.O. BOX 81, TAPPAN, NEW YORK 10983, PURSUANT TO THE LONG TERM TAX EXEMPTION LAW TO EXTEND THE TIMEFRAME TO CONSTRUCT THE PROJECT CONSISTING OF A NEW FIVE (5) STORY BUILDING WITH SIXTEEN (16) MARKET RATE RESIDENTIAL RENTAL UNITS AND ASSOCIATED PARKING LOCATED AT 852-854 RAYMOND BOULEVARD, NEWARK, NEW JERSEY 07105 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2003, LOT 2. (EAST WARD)
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WHEREAS, on July 10, 2019, the Municipal Council adopted Ordinance 6PSF-i (the "Ordinance", a copy of which is attached hereto as Exhibit A), granting a long term tax abatement to Sesnar Group Urban Renewal, LLC, P.O. Box 81, Tappan, New York 10983, pursuant to of the Long Term Tax Exemption Law as amended and supplemented, N.J.S.A. 40A:20-1, et seq. (the "Long Term Tax Exemption Law"), for a fifteen (15) year term for a project to construct a new five (5) story building with sixteen (16) market rate residential rental units and associated parking located at 852-854 Raymond Boulevard, Newark, New Jersey 07105 and identified on the Official Tax Map of the City of Newark, as Block 2003, Lot 2 (the "Project"); and
WHEREAS, the Parties entered into that certain Financial Agreement, dated December 3, 2021, (the "Original Financial Agreement", a copy of which is attached hereto as Exhibit B, and together with Amendment #1 to Financial Agreement, the "Financial Agreement"); and
WHEREAS, construction of the Project was delayed and the Project has not been completed within the timeframe set forth in the Original Financial Agreement; and
WHEREAS, the Parties desire to extend the timeframe for the Entity to complete the Project; and
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The Mayor of the City of Newark is hereby authorized to ...
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