Title
AN ORDINANCE GRANTING A FIFTEEN (15) YEAR TAX ABATEMENT TO MELISSA REALTY URBAN RENEWAL, LLC, 175 MT. PLEASANT AVENUE, NEWARK, NEW JERSEY 07104, FOR A PROJECT TO CONSTRUCT A MULTI-USE PROJECT CONSISTING OF TEN (10) MARKET RATE RESIDENTIAL RENTAL UNITS AND SIX (6) COMMERCIAL UNITS ON REAL PROPERTY KNOWN AS 95 BROADWAY AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 442, LOT 39 (CENTRAL WARD).
Sponsor(s): Gonzalez/ James
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WHEREAS, Melissa Realty Urban Renewal, LLC, 175 Mt. Pleasant Avenue, Newark, New Jersey 07104, 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 fifteen (15) year term for a project to construct a multi-use project consisting of ten (10) market rate residential rental units and six (6) commercial units on real property known as 95 Broadway, Newark, New Jersey and identified on the City's tax map as Block 442, Lot 39 (the "Project"); and
WHEREAS, the Mayor has submitted the application and proposed Financial Agreement to the City Council with his recommendation thereof, a copy of which is annexed hereto; and
WHEREAS, in accordance with Ordinance6PSF-a adopted May 4, 2011, Melissa Realty 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 Melissa Realty Urban Renewal, LLC, 175 Mt. Pleasant Avenue, Newark, New Jersey 07104 (the "Entity"), for the development, maintenance and operation of the Project described in the application is hereby approved in...
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