Title
AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO VILLAGE DEVELOPERS URBAN RENEWAL, LLC, C/O THE ALPERT GROUP, ONE PARK PLACE, FORT LEE, NEW JERSEY 07024, FOR A PROJECT TO REHABILITATE AN EXISITNG 169 UNIT AFFORDABLE HOUSING PROJECT ON REAL PROPERTY KNOWN AS 173-229 NORFOLK STREET AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 417, LOT 20, CENTRAL WARD.
Sponsors: Chaneyfield Jenkins/ James
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WHEREAS, Village Developers Urban Renewal, LLC, c/o The Alpert Group, One Park Plaza, Fort Lee, New Jersey 07024, filed an application with the Mayor seeking a long term tax abatement under the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq. for a thirty (30) year term for a project to rehabilitate an existing 169 unit affordable housing project, including without limitation, roof, windows, bathroom and kitchen upgrades and energy efficiency improvements, located on real property commonly known as 173-229 Norfolk Street, Newark, New Jersey and identified on the City's tax map as Block 417, Lot 20 (the "Project"); and
WHEREAS, the Mayor has submitted the application and proposed Financial Agreement to the Municipal Council with his recommendation thereof, a copy of which is annexed hereto; and
WHEREAS, in accordance with Ordinance 6PSF-a adopted May 4, 2011, Village Developers Urban Renewal, LLC has filed with the City a sworn statement that it has not made any contribution in violation of said ordinance; and
WHEREAS, the Municipal Council has determined, pursuant to N.J.S.A. 40A:20-11 that the relative benefits of this Project outweigh any costs associated with this tax exemption and that without the tax abatement granted herein, the Project would not be undertaken.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The application of Village Developers Urban Renewal, LLC, c/o The Alpert Group, One Park Plaza, Fort Lee, New Jersey 07024 (the "Entity"), f...
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