Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing (X ) Amending Type of Service: Application for an extension of a Long-Term Tax Abatement Purpose: Amending original abatement granted under the Limited Dividend Law to extend for an additional 3 years Entity Name: Wesley Towers Corporation Entity Address: 227 Market Street, Newark, New Jersey 07102 Abatement Period: Extend term of tax abatement an additional 3 years for a total of 50 years Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ ( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a List of Property: (Address/Block/Lot/Ward) 444 Mt. Prospect Avenue/Block 629/Lot 7/ North Ward Additional Information: Resolution 7RX 021765; granted tax abatement Resolution 7Rj 100566; authorized execution of financial agreement for tax abatement Resolution 7Rbs 040391; rescinded tax abatement for nonpayment of pilot and authorized a payment plan Resolution 7Rdv(AS) 080196; reinstated tax abatement amended pilot formula from 15% to 7.4% of gross shelter rents