Title
AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO OAK TOWERS URBAN RENEWAL ENTITY, LLC, 150 EAST 52ND STREET, 14TH FLOOR, NEW YORK, NEW YORK 10022, FOR A PROJECT TO SIGNIFICANTLY REHABILITATE TWO (2) EXISTING BUILDINGS CONTAINING SEVENTY-SIX (76) AFFORDABLE HOUSING RESIDENTIAL RENTAL UNITS, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 2-30 STRATFORD PLACE, NEWARK, NEW JERSEY 07108 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2668, LOTS 1, 9, AND 12-15. (SOUTH WARD)
DEFERRED 6PSF-l 120121
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WHEREAS, Oak Towers Urban Renewal Entity, LLC, 150 East 52nd Street, 14th Floor, New York, New York 10022, 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 thirty (30) year term for a project to significantly rehabilitate two (2) existing buildings containing seventy-six (76) affordable housing residential rental units, located on real property commonly known as 2-30 Stratford Place, Newark, New Jersey 07108 and identified on the Official Tax Map of the City of Newark, as Block 2668, Lots 1, 9, and 12-15 (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, Oak Towers Urban Renewal Entity, 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 COU...
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