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AN ORDINANCE GRANTING A TAX EXEMPTION TO FOUR CORNERS MILLENNIUM PROJECT URBAN RENEWAL ENTITY, LLC, 89 MARKET STREET, 8TH FLOOR, NEWARK, NEW JERSEY 07102, FOR A PROJECT TO CONSTRUCT A NEW FOURTEEN (14) STORY BUILDING CONSISTING OF APPROXIMATELY (244) 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 AND 49,197 SQUARE FEET OF COMMERCIAL SPACE ON PROPERTY KNOWN AS 199-201 MARKET STREET, 197 MARKET STREET, 193-195 MARKET STREET, AND 12 BEAVER STREET, NEWARK, NEW JERSEY 07102 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 146, LOTS 35, 37, 38 AND 55 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-b (s/as) 072021
DEFERRED 6PSF-d 080421
No Action Taken 6PSF-b (s) 081721
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WHEREAS, on June 15, 2005, the Municipal Council adopted Resolution 7Rdo(AS), declaring the entire City of Newark ("City") as an Area in Need of Rehabilitation 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, the Municipal Council adopted the Living Downtown Redevelopment Plan by Ordinance 6S&Fg on September 3, 2008 (as amended and as may be further amended from time to time, the "Redevelopment Plan"); and
WHEREAS, on May 7, 2014, the Municipal Council adopted Resolution 7R3-c declaring, inter alia, Block 146, Lots 3...
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