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AN ORDINANCE AUTHORIZING AMENDMENT TWO (2) TO THE FINANCIAL AGREEMENT FOR THE TAX ABATEMENT GRANTED TO TERRELL REDEVELOPMENT PARTNERS URBAN RENEWAL, LP PURSUANT TO THE LONG TERM TAX EXEMPTION LAW FOR A PROJECT LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 91-97 CHAPEL STREET, (FORMERLY 59-97 CHAPEL STREET), NEWARK, NEW JERSEY, AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 2442, LOT 1.02 AFTER PERFECTED BY THE ORIGINAL SUBDIVISION DEED RECORDED ON APRIL 12, 2022, TO REVISE THE ADDRESS OF THE PROPERTY AND TO EXTEND THE DEADLINE FOR THE IMPROVEMENTS TO BE CONSTRUCTED FOR THE PROJECT AS A RESULT IN CHANGE IN FINANCING.
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WHEREAS, on September 22, 2020, the City of Newark Municipal Council adopted Ordinance 6PSF-a (s) (the "Original Ordinance", a copy of which is attached hereto as Exhibit A) authorizing a financial agreement for a thirty (30) year tax abatement granted to the Entity pursuant to the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et. seq., for a Project to construct a new five (5) story building consisting of sixty-nine (69) affordable, age-restricted rental units comprised of sixty-eight (68) units restricted to 60% of Area Median Income ("AMI") and one (1) superintendent's unit on real property situated at 59-97 Chapel Street (informally 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 (the "Original Property"), which was entered into by the parties on September 28, 2021 (the "Project"); and
WHEREAS, the City and the Entity subsequently executed a financial agreement governing the Original Project (the "Original Financial Agreement", a copy of which is attached hereto as Exhibit A); and
WHEREAS, on July 26, 2022, the City of Newark Municipal Council adopted Ordinance 6PSF-d (s) (the "First Amended Ordinance", a copy of which is attached hereto as Exhibit B) authorizing a first amendment to the Original Tax Abatement grant...
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