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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX EXEMPTION TO FOUR CORNERS MILLENNIUM PROJECT URBAN RENEWAL ENTITY II, LLC, 89 MARKET STREET, 8TH FLOOR, NEWARK, NEW JERSEY 07102, FOR A PROJECT TO CONSTRUCT A NEW (14) STORY BUILDING CONSISTING OF APPROXIMATELY (220) RESIDENTIAL RENTAL UNITS, OF WHICH A MINIMUM OF (20%) UNITS SHALL BE AFFORDABLE HOUSING UNITS RESTRICTED TO 60% OF AREA MEDIAN INCOME IN ACCORDANCE WITH CITY ORDINANCE 6PSF-B, DULY ADOPTED ON OCTOBER 4, 2017, 11,000 SQUARE FEET OF COMMERCIAL SPACE AND FORTY-ONE (41) UNDERGROUND PARKING SPACES LOCATED ON PROPERTY KNOWN AS 241-251 WASHINGTON STREET, 101-103 MARKET STREET, 97-99 MARKET STREET, 93-95 MARKET STREET, 233-237 WASHINGTON STREET, AND 239 WASHINGTON STREET, NEWARK, NEW JERSEY 07102 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 72, LOTS 1, 4, 5, 6, 45 and 47 AND AUTHORIZING THE EXECUTION AND DELIVERY OF A FINANCIAL AGREEMENT AND OTHER APPLICABLE DOCUMENTS RELATED TO THE ISSUANCE OF REDEVELOPMENT AREA BONDS (NON-RECOURSE TO THE FULL FAITH AND CREDIT OF THE CITY), AUTHORIZING THE ISSUANCE OF THE REDEVELOPMENT AREA BONDS IN A PRINCIPAL AMOUNT NOT TO EXCEED $1,000,000.00 AND DETERMINING VARIOUS OTHER MATTERS IN CONNECTION THEREWITH. (CENTRAL WARD)
DEFERRED 6PSF-a 080421
No Action Taken 6PSF-a (s) 081721
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WHEREAS, on May 7, 2014, the Municipal Council adopted Resolution 7R3-c declaring, inter alia, Block 72, Lots 1, 4, 5, 6, 45 and 47 (the "Property") as an Area in Need of Redevelopment pursuant to the Local Redevelopment and Housing Law, constituting Chapter 79 of the Pamphlet Laws of 1992 of the State and the acts amendatory thereof and supplemental thereto (the "Redevelopment Law", as codified by N.J.S.A. 40A:12A-1 et seq.); and
WHEREAS, in connection with the redevelopment of the Property, the City of Newark adopted the Living Downtown Redevelopment Plan by Ordinance 6S&Fg on September 3, 2008 (as amended and as may be further amended from time...
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