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ORDER OF THE NEW HAVEN BOARD OF ALDERS AUTHORIZING A TAX AGREEMENT RELATED TO THE PROPERTY AT 12 EAST FERRY STREET.
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WHEREAS: this project is located at 12 East Ferry Street, and
WHEREAS: the Property will consist of seven affordable units; and
WHEREAS: 12 East Ferry Street, LLC, and the City have agreed to enter into a fifteen (15) year agreement and
WHEREAS: 12 East Ferry Street, LLC, will pay a tax amount for the 7 affordable units of $650 per year/per unit and will pay an escalation of 3% additional each year, beginning in year 2, for the remainder of the 15-year agreement.
NOW, THEREFORE, BE IT ORDERED, that the Board of Alders hereby authorizes the Mayor of the City of New Haven to execute and deliver all such documentation on behalf of the City.