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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX EXEMPTION TO THE TOWER AT HALSEY AND WILLIAM URBAN RENEWAL, LLC, 645 MARTINSVILLE ROAD, SUITE 204, BASKING RIDGE, NEW JERSEY 07920, FOR A PROJECT TO CONSTRUCT A BUILDING CONSISTING OF 243 MARKET RATE RESIDENTIAL RENTAL UNITS, 27 AFFORDABLE HOUSING UNITS RESTRICTED TO 80% OF AREA MEDIAN INCOME IN ACCORDANCE WITH CITY OF NEWARK INCLUSIONARY ZONING ORDINANCE 6PSF-b, ADOPTED ON OCTOBER 4, 2017, 2 RESTAURANTS COMPRISING OF APPROXIMATELY 8,150 SQUARE FEET OF SPACE, 156 PARKING SPOTS AND CERTAIN OTHER AMENITIES LOCATED ON PROPERTY KNOWN AS 16-24 WILLIAM STREET, 26-30 WILLIAM STREET AND 32-34 WILLIAM STREET, NEWARK, NEW JERSEY 07102 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 94, LOTS 6, 3, AND 1 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)
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WHEREAS, on June 15, 2005, the Municipal Council adopted Resolution 7Rdo(AS) declaring the entire 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 Newark Municipal Council ("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 July 23, 2019, the Municipal Council adopted Resolution 7R2-e (s) designating 16-24 William Street, 26-30 William Street, and 32-34 William Street (Bl...
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