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AN ORDINANCE GRANTING A TAX EXEMPTION TO NEWARK WAREHOUSE URBAN RENEWAL, LLC, 100 WASHINGTON STREET, NEWARK, NEW JERSEY 07102, FOR A PROJECT TO REHABILITATE AND RENOVATE AN EXISTING SIX (6) STORY VACANT WAREHOUSE BUILDING INTO A SEVEN (7) STORY BUILDING CONSISTING OF OFFICE, RETAIL AND GENERAL COMMERCIAL USES LOCATED ON PROPERTY KNOWN AS 98-126 EDISON PLACE AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 159.01, LOT 11, FOR A TERM EQUAL TO THE EARLIER OF THIRTY-FIVE (35) YEARS FROM THE DATE OF EXECUTION OF THE FINANCIAL AGREEMENT OR THIRTY (30) YEARS FROM THE DATE OF COMPLETION OF THE PROJECT, AND AUTHORIZING THE EXECUTION AND DELIVERY OF A FINANCIAL AGREEMENT AND OTHER APPLICABLE DOCUMENTS RELATED TO THE ISSUANCE OF REDEVELOPMENT AREA BONDS (NON-RECOURSE TO THE FULL FAITH AND CREDIT OF THE CITY), AUTHORIZING THE ISSUANCE OF THE REDEVELOPMENT AREA BONDS IN A PRINCIPAL AMOUNT NOT TO EXCEED $1,000,000.00 AND DETERMINING VARIOUS OTHER MATTERS IN CONNECTION THEREWITH. (EAST WARD)
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WHEREAS, in accordance with the Local Redevelopment and Housing Law, constituting Chapter 79 of the Pamphlet Laws of 1992 of the State, and the acts amendatory thereof and supplemental thereto (the "Redevelopment Law", as codified by N.J.S.A. 40A:12A-1 et seq.), the City has previously determined to undertake the redevelopment of that certain redevelopment area in the City's Downtown Core District as defined by the blocks and lots on the official tax map of the City set forth in Exhibit A hereto as designated by the City by Resolution 7Rba adopted by the Municipal Council on July 14, 2004 as amended and extended by Ordinance 6S&Fg adopted by the Municipal Council on September 7, 2005 (the "Downtown Core District and Newark Plaza Urban Renewal Areas" and referred to herein as the "Redevelopment Area"); and
WHEREAS, in connection with the designation of the Redevelopment Area, the City has adopted a Redevelopment Plan by Ordinance 6S&Ff finally adopt...
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