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ORDER OF THE BOARD OF ALDERS OF THE CITY OF NEW HAVEN APPROVING THE DISPOSAL OF THOSE PARCELS OF LAND KNOWN AS 291 ASHMUN STREET, 309 ASHMUN STREET AND 178-186 CANAL STREET, NEW HAVEN TO RJDA ASHMUN STREET LLC SUBJECT TO A DEVELOPMENT AND LAND DISPOSITION AGREEMENT AND A TAX AGREEMENT
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WHEREAS, the City of New Haven (the "City") is the owner of those certain parcels of land located in the Newhallville neighborhood of the City, consisting of approximately 1.783 acres and located at 291 Ashmun Street, 309 Ashmun Street and 178-186 Canal Street, New Haven, Connecticut (together the "Property"); and
WHEREAS, RJ Development & Advisors, LLC ("RJ Development") responded to a Request of Proposals (the "RFP") issued by the City seeking qualified developers for a proposed redevelopment of the Property and the proposal submitted by RJ Development was selected by the City for such purpose; and
WHEREAS, RJ Development has formed RJDA Ashmun Street LLC ("RJDA"), a limited liability company, as the single purpose entity to acquire the Property and redevelop the same in accordance with a Development and Land Disposition Agreement (the "DLDA") negotiated between the City and RJDA based upon said response to the RFP; and
WHEREAS, the DLDA provides for the construction of a mixed-used project that will promote affordable housing and will consist of a 150 units apartment building, no higher than 5 stories, of which no fewer of 50 units shall be restricted and divided at various levels of affordability for twenty (20) years, together with ground level parking (the "Project"); and
WHEREAS, the DLDA provides for a fifteen (15) year Payment In Lieu Of Taxes Agreement (the "Tax Agreement") between the City and RJDA with respect to said affordable units to be constructed and maintained as a requirement of the Project upon the specific terms and conditions set forth on the Tax Agreement and the DLDA; and
WHEREAS, the tax on the affordable units will be $400 each annuall...
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