Title
AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO JSF BROAD STREET EX URBAN RENEWAL, LLC, 100 DUNBAR STREET, #400, SPARTANBURG, SOUTH CAROLINA 29306, FOR A PROJECT TO DEMOLISH AN EXISTING DILAPIDATED BUILDING AND CONSTRUCT A NEW APPROXIMATELY 172,276 GROSS SQUARE FOOT BUILDING, CONSISTING OF APPROXIMATELY 30,610 GROSS SQUARE FEET OF WAREHOUSE SPACE AND APPROXIMATELY 141,666 GROSS SQUARE FEET OF LEASABLE SELF-STORAGE SPACE, PLUS 18 PARKING SPACES AND 11 LOADING SPACES LOCATED AT 1239-1253 BROAD STREET, NEWARK, NEW JERSEY 07114 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2789, LOT 1. (SOUTH WARD)
Deferred 8-b (s) 110921
Deferred 9-a 111521
Deferred 9-a (s) 112321
Failed 6PSF-o 121521
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WHEREAS, JSF Broad Street EX Urban Renewal, LLC, 100 Dunbar Street, #400, Spartanburg, South Carolina 29306, 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 demolish an existing dilapidated building and construct a new approximately 172,276 gross square foot building, consisting of approximately 30,610 gross square feet of warehouse space and approximately 141,666 gross square feet of leasable self-storage space, plus 18 parking spaces and 11 loading spaces located at 1239-1253 Broad Street, Newark, New Jersey 07114 and identified on the Official Tax map of the City of Newark, as Block 2789, Lot 1 (collectively, the "Project"); and
WHEREAS, the Mayor of the 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, JSF Broad Street EX Urban Renewal, LLC has filed with the City of Newark a sworn statement that it has not made any contribution in violation of said ordinance; and
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