Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Application for Long-Term Tax Abatement
Purpose: The entity will pay the City of Newark an annual service charge based on 6.28% of annual gross revenue for the residential rentals and 15% of all other income generated by the project.
Entity Name: GKV Preservation Partnership, LP
Entity Address: c/o Southport Financial Services, Inc., 2430 Estancia Blvd., Suite 101, Clearwater, FL 33761
Abatement Period: Through August 31, 2024
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a
List of Property:
Address/Block/Lot/Ward
48-70 Littleton Avenue/Block 1808/Lot 1/West
4-46 Littleton Avenue/Block 1832/Lot 1/West
352-370 West Market Street/Block 1833/Lot 1 Rear, 60/West
372-374 West Market Street/Block 1833/Lot 1 Rear, 65/West
17-49 Bergen Street/Block 1834/Lot 55/West
Additional Information: N/A
Original tax abatement granted by Resolution # 7Rbk (as) 071101