Firm Client Tucker Development is Awarded More Than $38m in Tax Breaks for Newark Project

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Firm client Tucker Development was awarded more than $38M in subsidies in the form of bond financing and tax breaks by the Economic Development Authority to fund its mixed use development project on Springfield Avenue in Newark.  The awarded amount represents an aggregate of approvals through three EDA programs; the Redevelopment Area Bond financing program, tax credits under the Urban Transit Hub program and tax credits under the Economic Redevelopment and Growth Grant program. The Redevelopment Area Bond financing approval is also linked to the approval of a tax abatement which received preliminary approval recently from the City of Newark and is expected to be granted final approval by the City Council. The State’s Local Finance Board, which must review and approve all municipal tax abatements, granted its approval at its meeting this week.

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Tax

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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