Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Application for Long-Term Tax Exemption Purpose: Assignment and Assumption of Existing Tax Exemption and Payment of Outstanding Annual Service Charges Due and Owing on property located at 744 Broad Street, Newark, New Jersey 07102 Entity Name: Emerita Urban Renewal, Limited Liability Company Entity Address: c/o Hilla Capital, Inc., 136 Madison Avenue, 4th Floor, New York, New York 10016 Abatement Period: Original 15 Year exemption granted in 2000 - remaining term of original exemption which expires in 2015 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) 736-752 Broad Street, /Block 145/ Lots 1, 7 and 78/ East Ward Additional Information: Original tax abatement granted by Resolution 7RBP 050300 Payment of $3,828,884.36 in settlement of outstanding delinquent annual service charges, through December 31, 2012)