TITLE
AN ORDINANCE GRANTING A TWENTY- TWO (22) YEAR TAX ABATEMENT TO 579 BROAD URBAN RENEWAL, LLC, 2100 ORETHA C. HALEY BOULEVARD, NEW ORLEANS, LOUISIANA 70113, FOR A PROJECT TO REHABILITATE AND CONVERT TWO (2) VACANT FORMER OFFICE BUILDINGS INTO FORTY-EIGHT (48) MARKET RATE RESIDENTIAL RENTAL UNITS AND 5,712 SQUARE FEET OF GROUND FLOOR COMMERCIAL SPACE, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 579 BROAD STREET AND 12 CENTRAL AVENUE AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 18, LOTS, 10, 11, 12, 14 AND 15 (CENTRAL WARD).
body
WHEREAS, 579 Broad Urban Renewal, LLC, 2100 Oretha C. Haley Boulevard, New Orleans, Louisiana 70113, 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 twenty- wo (22) year term for a project to rehabilitate and convert two (2) vacant former office buildings into forty-eight (48) market rate residential rental units and 5,712 square feet of ground floor commercial space, located on real property commonly known as 579 Broad Street and 12 Central Avenue, Newark, New Jersey and identified on the City's tax map as Block 18, Lots, 10, 11, 12, 14 and 15 (Central Ward) (the "Project"); and
WHEREAS, the Entity has proven and justified the need for a long term tax exemption for the Project for a minimum of no less than 22 years to stabilize the project financing as explained by the Entity's financial analyst at the Tax Abatement Committee meetings on April 5, 2017 and April 26, 2017; and
WHEREAS, pursuant to Section 10:24-8(a) of the Newark Municipal Code, residential projects consisting of five (5) or more units shall not exceed a term of 30 years for a long term tax exemption; and
WHEREAS, pursuant to Section 10:24-8(c) of the Newark Municipal Code, commercial projects shall not exceed a term of 15 years for a long term tax exemption; and
WHEREAS, the City has determined that the deminimus retail portion of the Project (i.e. 8.7% of the...
Click here for full text