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AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO 14 MERCHANT URBAN RENEWAL, LLC, 124 POLK STREET, SUITE 2, NEWARK, NEW JERSEY 07105, FOR A PROJECT TO CONSTRUCT A NEW (5) STORY BUILDING CONSISTING OF (26) MARKET RATE RESIDENTIAL RENTAL UNITS, (2) AFFORDABLE HOUSING RENTAL UNITS RESTRICTED TO TENANTS AT 60% OF AMI AND (16) OFF-STREET PARKING SPACES LOCATED AT 14-16 MERCHANT STREET, NEWARK, NEW JERSEY 07105 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 1994, LOTS 42 AND 43.
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WHEREAS, 14 Merchant Urban Renewal, LLC, 124 Polk Street, Suite 2, Newark, New Jersey 07105, 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 construct a new (5) story building consisting of twenty-six (26) market rate residential rental units, two (2) affordable housing rental units restricted to tenants at 60% of Area Median Income ("AMI") and sixteen (16) off-street parking spaces located at 14-16 Merchant Street, Newark, New Jersey 07105 and identified on the Official Tax Map of the City of Newark, as Block 1994, Lots 42 and 43 (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, 14 Merchant 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 ORDAI...
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