11 results for “revenue estimates” · proposal
11 results for “revenue estimates” · proposal
Ordinance 25-048 approves a 30-year tax exemption for 701 Newark Avenue, LLC for property at Block 7902, Lots 25–29 (693-701 Newark Avenue, Jersey City) under the New Jersey Housing and Mortgage Finance Act. The exemption supports approximately $11.5 million in NJHMFA funding for a 35-story mixed-use development containing 360 dwelling units, including 90 affordable units, plus approximately 2,979 square feet of commercial space. In exchange, the entity will pay 11% of Annual Gross Revenue for years 1–15 (estimated at $6.5 million in the first five years), 12% for years 16–20, and 13% for years 21–30, plus an annual 2% administrative fee on the prior year's Annual Service Charge (estimated at $137,135 in the first five years). The ordinance was offered for adoption by Council as a Whole at the first reading (Agenda 3.4) and second reading/final passage (Agenda 4.6).
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This document authorizes the City of Dallas Department of Aviation to terminate two existing leases with Regal Assets, LLC (formerly Associated Air Center, Inc.) at Dallas Love Field Airport and consolidate them into a single 30-year lease with two five-year renewal options. The consolidated lease encompasses approximately 1,092,273 square feet combining the two prior leases: one dating from July 11, 1984 covering 408,962 square feet, and another from April 1, 1994 covering 683,311 square feet. The new consolidated lease requires Regal Assets to make a capital investment of $5,000,000 within 36 months and generates estimated revenue of $97,744,973.83 over the primary term, offsetting $7,230,158.80 in foregone revenue from terminating the existing leases. The agenda item was scheduled for February 27, 2019, and falls under the City's strategic priority of Mobility Solutions, Infrastructure, and Sustainability.
AI summary