Title
AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO RIVERSIDE ARMS URBAN RENEWAL, LLP THE OWNER OF THE PROPERTY COMMONLY KNOWN AS 14-16 CHESTER AVENUE, 1-14 JULES PLACE, AND 63-95 HERBERT PLACE IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 617, LOTS 1.01-1.25
Sponsors: Ramos/ Gonzalez
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WHEREAS, Riverside Arms Urban Renewal, LLP, 71 Lake Street, Colonia, NJ 07067, filed an application with the Mayor seeking a long term tax abatement pursuant to Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq., ("LTTE") for a thirty (30) year term for 14-16 Chester Avenue, 1-14 Jules Place, and 63-95 Herbert Place and identified on the official tax map of the City as Block 617, Lots 1.01-1.25 (the "Property"), consisting of the construction of nine (9) three story multifamily apartment buildings totaling 128 units divided into 10 one bedroom units, 71 two bedroom units, and 47 three bedroom units (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, Riverside Arms Urban Renewal, LLP 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 Riverside Arms Urban Renewal, LLP, for the construction of the Project described in the application is hereby approved in accordance with the recommendation of the Mayor.
2. The abatement from taxation on improvements is hereby granted to Riverside Arms Urban Renewal, LLP for a period...
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