Title
AN ORDINANCE AUTHORIZING FIRST AMENDMENT TO ORIGINAL TAX ABATEMENT GRANTED TO SPRUCE PARK ASSOCIATES UNDER THE LIMITED DIVIDEND LAW TO EXTEND THE TERM OF THE FINANCIAL AGREEMENT UNTIL MARCH 31, 2026 TO COINCIDE WITH THE EXPIRATION DATE OF THE HOUSING ASSISTANCE PAYMENT RENEWAL CONTRACT FOR AN AFFORDABLE HOUSING PROJECT LOCATED AT 36-60 SPRUCE STREET, 37 SPRUCE STREET, 39-47 SPRUCE STREET, 59-61 SPRUCE STREET, 55-57 SPRUCE STREET, AND DESIGNATED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK AS BLOCK 122 LOT 64, BLOCK 123, LOT 29, BLOCK 123, LOT 23, BLOCK 123, LOT 16, AND BLOCK 123 LOT 17 (FORMERLY KNOWN AS 39-41, 43, 45-47, 55-57, 59-61, 36, 38, 40, 42, 44, 46, 48-50, 52, 54, 56, 58, AND 60 SPRUCE STREET, AND 27-29 LONGWORTH STREET, BLOCK 123, LOTS 16, 17, 18, 23, 25 AND 27 AND BLOCK 122, LOTS 50, 51, 52, 53, 54, 55, 56, 58, 59, 60, 62, 64, 17 AND 18).
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WHEREAS, on February 2, 1983, the Municipal Council of the City of Newark (the "Municipal Council") adopted Resolution 7RCD (A.S.), granting a long-term tax abatement to Spruce Park Associates pursuant to the Limited Dividend Non-Profit Housing Corporations or Associations Law, N.J.S.A. 55:16-1 et seq., (the "Financial Agreement") for the construction of a ninety-eight (98) unit affordable housing project on the located at 39-61 Spruce Street, 36-60 Spruce Street, and 27-29 Longworth Street, and designated as Block 123, Lots 16, 17, 18, 23, 25 and 27; Block 122, Lots 50, 51, 52, 53, 54, 55, 56, 58, 59, 60, 62, 64, 17 and 18 on the official tax map of the City of Newark (collectively, the "Property"); and
WHEREAS, the City and Spruce Park Associates subsequently executed a financial agreement governing the Project on December 8, 1982 (the "Original Financial Agreement"); and
WHEREAS, the Limited Dividend Law was repealed in 1992 and was replaced by the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq. (the "LTTE Law"), but the LTTE Law explicitly saved from repeal and ratified all exist...
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