Title
AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO 305 WILSON AVENUE URBAN RENEWAL, LLC, C/O CROWNPOINT GROUP, ONE GATEHALL DRIVE, SUITE 201, PARSIPPANY, NEW JERSEY 07054, FOR A PROJECT TO CONSTRUCT APPROXIMATELY 135,728 SQUARE FEET OF SELF-STORAGE SPACE WITH APPROXIMATELY (3) LOADING DOCKS AND (8) PARKING SPACES LOCATED AT 299-311 WILSON AVENUE, NEWARK, NEW JERSEY 07105, IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2084, LOT 17 (EAST WARD).
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WHEREAS, 305 Wilson Avenue Urban Renewal, LLC, c/o Crownpoint Group, One Gatehall Drive, Suite 201, Parsippany, New Jersey 07054, filed an application with the Mayor of the City of Newark seeking a long term tax abatement under the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq., for a twenty (20) year term for a project to construct approximately 135,728 square feet of self-storage space with approximately three (3) loading docks and eight (8) parking spaces located at 299-311 Wilson Avenue, Newark, New Jersey 07105 and identified on the Official Tax Map of the City of Newark, as Block 2084, Lot 17 (the "Project"); and
WHEREAS, the Mayor of City of Newark 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 on May 4, 2011, 305 Wilson Avenue 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 proposed tax abatement 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 305 Wilson Avenue Urban Ren...
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