Share to Facebook Share to Twitter Bookmark and Share
File #: 22-0687    Version: 1 Name: Ordinance: Amendment #1 to Financial Agreement - 535 MLK BLVD URBAN RENEWAL, LLC
Type: Ordinance Status: Adopted
File created: 5/5/2022 In control: Economic and Housing Development
On agenda: 10/19/2022 Final action: 11/14/2022
Title: AN ORDINANCE CONSENTING TO THE TRANSFER OF (15%) OWNERSHIP FROM 535 MLK BLVD URBAN RENEWAL, LLC, OF NEWARK, NEW JERSEY 07114 TO EL 535 MLK BLVD URBAN RENEWAL, LLC, OF KEY WEST, FLORIDA 33040 OF THE PROJECT TO CONSTRUCT A NEW BUILDING CONSISTING OF APPROXIMATELY (32) MARKET RATE RESIDENTIAL RENTAL UNITS, (8) AFFORDABLE HOUSING RENTAL UNITS, (600) SQUARE FEET OF COMMERCIAL SPACE AND (36) PARKING SPACES, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 535-541 MLK BOULEVARD, NEWARK, NEW JERSEY 07102 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2497, LOT 39 AND AMENDING THE TAX ABATEMENT TO ALLOW THE PROJECT TO BE OWNED AS TENANTS IN COMMON.
Title
AN ORDINANCE CONSENTING TO THE TRANSFER OF (15%) OWNERSHIP FROM 535 MLK BLVD URBAN RENEWAL, LLC, OF NEWARK, NEW JERSEY 07114 TO EL 535 MLK BLVD URBAN RENEWAL, LLC, OF KEY WEST, FLORIDA 33040 OF THE PROJECT TO CONSTRUCT A NEW BUILDING CONSISTING OF APPROXIMATELY (32) MARKET RATE RESIDENTIAL RENTAL UNITS, (8) AFFORDABLE HOUSING RENTAL UNITS, (600) SQUARE FEET OF COMMERCIAL SPACE AND (36) PARKING SPACES, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 535-541 MLK BOULEVARD, NEWARK, NEW JERSEY 07102 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2497, LOT 39 AND AMENDING THE TAX ABATEMENT TO ALLOW THE PROJECT TO BE OWNED AS TENANTS IN COMMON.

body

WHEREAS, on September 15, 2021, the Municipal Council adopted Ordinance 6PSF-f, (a copy of which is attached hereto as Exhibit A), granting a long term tax abatement to 535 MLK Blvd Urban Renewal, LLC (the "Original Entity") located at 90 Clinton Avenue, Suite 101, Newark, New Jersey 07114, pursuant to the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq., for the construction of a new building consisting of approximately thirty-two (32) market rate residential rental units, eight (8) affordable housing rental units, six hundred (600) square feet of commercial space and thirty-six (36) parking spaces, located on real property commonly known as 535-541 MLK Boulevard, Newark, New Jersey 07102 and identified on the Official Tax Map of the City of Newark, as Block 2497, Lot 39 (collectively, the "Project"); and
WHEREAS, on October 26, 2021, the City of Newark (the "City") and the Original Entity entered into that certain Financial Agreement (the "Original Financial Agreement") (a copy of which is attached hereto as Exhibit B), and together with this Amendment #1 to Financial Agreement (the "Financial Agreement") governing the Project; and
WHEREAS, the Original Entity is participating in a 1031 like-kind exchange with EL 535 MLK Blvd Urban Renewal, LLC (the "Additional Entity") and...

Click here for full text