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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO MORRIS FAIRMOUNT ASSOCIATES URBAN RENEWAL, LLC, FOR A PROJECT CONSISTING OF THE DEVELOPMENT OF A 706,000 SQUARE FOOT WAREHOUSE / DISTRIBUTION PROJECT ON REAL PROPERTY KNOWN AS 69-202 BLANCHARD STREET AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 2438, LOTS 74, 76, 78, 80, 82, 84, 85 AND 92 AND BLOCK 5001, LOTS 40, 42, 46, 48, 49, 50, 50.01 AND 93.
Sponsors: Chaneyfield Jenkins/ Gonzalez
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WHEREAS, Morris Fairmount Associates Urban Renewal, LLC, 350 Veterans Road, Rutherford, New Jersey 07070, 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 thirty (30) year term for a project consisting of the development of a 706,000 square foot warehouse / distribution project, including without limitation, acquisition, remediation, clearance, associated site improvements including access drives, car and trailer parking, loading docks and stormwater management facilities located on real property commonly known as 69-202 Blanchard Street, Newark, New Jersey and identified on the City's tax map as Block 2438, Lots 74, 76, 78, 80, 82, 84, 85 and 92 and Block 5001, Lots 40, 42, 46, 48, 49, 50, 50.01 and 93 (the "Project"); and
WHEREAS, the Mayor 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 No. 6PSF-a adopted May 4, 2011, Morris Fairmount Associates 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 unde...
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