Title
AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO BROADWAY MANOR URBAN RENEWAL, LLC, 200 VESEY STREET, 24TH FLOOR, NEW YORK, NEW YORK, 10281 FOR A PROJECT TO ACQUIRE AND REHABILITATE AN AFFORDABLE HOUSING PROJECT CONTAINING EIGHTY-FIVE (85) LOW-INCOME FAMILY HOUSING UNITS AND ONE (1) SUPERINTENDENT'S UNIT, ON REAL PROPERTY LOCATED AT 774-782 BROADWAY, 766-772 BROADWAY, AND 762-764 BROADWAY, NEWARK, NEW JERSEY 07104 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK AS BLOCK 773, LOTS 22, 25 AND 30. (NORTH WARD)
Deferred 6PSF-c 010621
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WHEREAS, the Broadway Manor Urban Renewal, LLC, 200 Vesey Street, 24th Floor, New York, New York 10281 (the "Entity"), 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 an affordable housing project containing eighty-five (85) low-income family housing units and one (1) superintendent's unit located at 774-782 Broadway, 766-772 Broadway, and 762-764 Broadway, Newark, New Jersey and identified on the City of Newark's official tax map as Block 773, Lots 22, 25, and 30 (the "Project"); and
WHEREAS, the Mayor has submitted the application and proposed Financial Agreement to the Newark 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, the entity has filed with the City of Newark a sworn statement that it has not made any contribution in violation of said Ordinance; and
WHEREAS, the Newark Municipal Council has determined, pursuant to N.J.S.A. 40A:20-1, that the relative benefits of this Project outweigh any costs associated with this tax abatement 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 NEWARK, NEW JE...
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