Title
AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO B8 MCCARTER OWNER URBAN RENEWAL, LLC, 233 S. WACKER DRIVE, SUITE 4700, CHICAGO, ILLINOIS 60606, FOR A PROJECT TO DEMOLISH AN UNDERUTILIZED BUILDING AND CONSTRUCT A NEW CLASS A INDUSTRIAL WAREHOUSE BUILDING CONSISTING OF APPROXIMATELY 106,236 SQUARE FEET OF WAREHOUSE SPACE, 6,368 SQUARE FEET OF OFFICE SPACE AND ASSOCIATED PARKING LOCATED AT 2107-2123 MCCARTER HIGHWAY AND 2125-2143 MCCARTER HIGHWAY, NEWARK, NEW JERSEY 07104 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 829, LOTS 10 AND 25. (NORTH WARD)
Deferred 6PSF-h 050422
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WHEREAS, B8 McCarter Owner Urban Renewal, LLC, 233 S. Wacker Drive, Suite 4700, Chicago, Illinois 60606, 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 twenty (20) year term for a project to demolish an underutilized building and construct a new Class A industrial warehouse building consisting of approximately 106,236 square feet of warehouse space, 6,368 square feet of office space and associated parking located at 2107-2123 McCarter Highway and 2125-2143 McCarter Highway, Newark, New Jersey 07104 and identified on the Official Tax Map of the City of Newark, as Block 829, Lots 10 and 25 (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, B8 McCarter Owner Urban Renewal, LLC, 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 proposed tax abate...
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