Title
AN ORDINANCE AMENDING THE FINANCIAL AGREEMENT FOR THE TAX ABATEMENT GRANTED TO TERRELL REDEVELOPMENT PARTNERS URBAN RENEWAL, LP, ONE PARKER PLAZA, FORT LEE, NEW JERSEY 07024, AUTHORIZED BY ORDINANCE 6PSF-A ADOPTED ON SEPTEMBER 22, 2020, PURSUANT TO THE LONG TERM TAX EXEMPTION LAW, FOR A PROJECT LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 59-97 CHAPEL STREET, (FORMERLY 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, UPON PERFECTION OF THE CENTRAL PLANNING BOARD'S AUGUST 17, 2020 MINOR SUBDIVISION APPROVAL, CURRENTLY KNOWN AS BLOCK 2442, LOT 1, TO AMEND THE TAX CREDITS FROM THE NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY.
Formerly 6PSF-c 071322 adopted as 6F-d 071322
body
WHEREAS, on September 22, 2020, the Municipal Council adopted Ordinance 6PSF-a (the "Original Ordinance"), a copy of which is attached hereto as Exhibit A, granting a long term tax abatement to Terrell Redevelopment Partners Urban Renewal, LP, One Parker Plaza, Fort Lee, New Jersey 07024 (the "Entity"), 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 Area Median Income ("AMI"), fourteen (14) units restricted to 30% of AMI, and one (1) superintendent's unit, including a set aside of eighteen (18) units dedicated to permanent, supportive housing for persons with physical disabilities, on real property situated at 59-97 Chapel Street, (formerly 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 upon perfection of the Central Planning Board's August 17, 2020 minor subdivision approval, currently known as Block 2442, Lot 1 (the "Project"); and
WHEREAS, the City and the Entity subsequently executed the Financial Agreement, governing the Project (the "Original Financial ...
Click here for full text