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AN ORDINANCE GRANTING A FIFTEEN (15) YEAR TAX ABATEMENT TO SPRING STREET COMMONS URBAN RENEWAL, LLC, 562 MORNINGSIDE ROAD, RIDGEWOOD, NEW JERSEY 07540 FOR A PROJECT TO DEMOLISH TWO (2) EXISTING BUILDINGS AND CONSTRUCT A NEW 99,010 SQUARE FOOT, FIVE (5) STORY MIXED USE BUILDING, THREE (3) COMMERCIAL UNITS AND EIGHTY-FOUR (84) MARKET-RATE RESIDENTIAL UNITS, ON REAL PROPERTY KNOWN AS 2-16 SPRING STREET / 73-87 CLAY STREET AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 8, LOT 9.03 (CENTRAL WARD)
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WHEREAS, Spring Street Commons Urban Renewal, LLC, 562 Morningside Road, Ridgewood, New Jersey 07450, 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 fifteen (15) year term for a project to demolish two (2) existing buildings and construct a new 99,010 square foot, five (5) story mixed use building with three (3) commercial units on the ground floor measuring approximately 4,630 square feet and eighty-four (84) market rate residential units located at 2-16 Spring Street / 73-87 Clay Street, Newark, New Jersey and identified on the City's tax map as Block 8, Lot 9.03 (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 6PSF-a adopted May 4, 2011, Spring Street Commons 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 Department of Economic and Housing Development 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 undertaken.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWA...
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