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AN ORDINANCE RATIFYING AND AUTHORIZING A TEN (10) EXTENSION TO THE TAX ABATEMENT GRANTED TO CLAREMONT NEWARK URBAN RENEWAL, LLC FOR A PROJECT TO UNDERTAKE IMPROVEMENTS TO THE EXISTING BUILDING GENERALLY KNOWN AS THE “FBI BUILDING”) LOCATED AT 1-33 CENTRE PLACE AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 129, LOT 1
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WHEREAS, on August 6, 2001, Claremont Newark Urban Renewal LLC, 1316 Madison Avenue, New York, New York 10128 (the “Entity”), and the City entered into a Financial Agreement (the “Original Financial Agreement”) whereby the Entity agreed to make, and the City agreed to accept, annual service charges with respect to the property commonly known as 1-33 Centre Place and identified on the City’s tax map Block 129, Lot 1 (the “Property”); and
WHEREAS, the Entity and the City entered into a First Amendment to Financial Agreement to extend the long term tax exemption of the Property for an additional five (5) year period (the “First Amended Financial Agreement”); and
WHEREAS, the Entity intends on undertaking certain improvements to the Property, which houses offices for the United States Federal Bureau of Investigation; and
WHEREAS, the Entity has made application to the City requesting a ten (10) year extension to the long term tax, which application is on file with the City Clerk.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The Mayor of the City of Newark is hereby authorized to execute, on the City’s behalf, the Second Amendment to Financial Agreement in substantially the form attached hereto as Exhibit A.
2. An executed copy of the Second Amendment to Financial Agreement authorized by this ordinance shall be filed and maintained with the City Clerk.
3. The Entity shall in the operation of the Project comply with all laws so that no person shall be subject to any discrimination because of race, religious principles, color, national origin, or ancestry.
4. The Entity shall file an employment report (herein described below) with the Office of Affirmative Action who shall forthwith after receiving the report send a copy thereof to the City Clerk and the Office of Affirmative Action shall forthwith investigate the matters contained therein and report its findings to the Municipal Council.
5. The adoption of this ordinance is expressly conditioned upon the requirement that the Entity pay the City all outstanding taxes and/service charges, and water/sewer charges within thirty (30) days of the date of the adoption of this ordinance. If the Entity fails to timely satisfy these requirements, this ordinance and the approval granted herein shall be null and void.
6. The Second Amendment to the Financial Agreement is ratified from January 1, 2023, until the date of adoption of this authorizing Ordinance.
7. This ordinance shall take effect upon final passage and publication in accordance with the laws of the State of New Jersey.
STATEMENT
This Ordinance ratifies and authorizes a ten (10) year extension to the tax abatement granted to Claremont Newark Urban Renewal LLC, 1316 Madison Avenue, New York, New York 10128 pursuant to the Long Term Tax Exemption Law, for a project to make certain improvements to the existing building generally known as the “FBI Building” located at 1-33 Centre Place and identified on the City’s tax map Block 129, Lot 1.