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AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR TAX ABATEMENT TO MARKPOLK URBAN RENEWAL, LLC, 300 WILSON AVENUE, NEWARK NEW JERSEY 07105, FOR A PROJECT TO CONSTRUCT A NEW FIVE (5) STORY BUILDING CONSISTING OF FIFTY-SIX (56) MARKET RATE RESIDENTIAL RENTAL UNITS, 1,500 SQUARE FEET OF GROUND FLOOR RETAIL AND FIFTY-SIX (56) ON-SITE PARKING SPACES, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 558-570 MARKET STREET AND 39-51 POLK STREET, NEWARK, NEW JERSEY 07105 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 1998, LOT 7. (EAST WARD)
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WHEREAS, MarkPolk Urban Renewal, LLC, 300 Wilson Avenue, 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-five (25) year term for a project to construct a new five (5) story building consisting of fifty-six (56) market rate residential rental units, 1,500 square feet of ground floor retail and fifty-six (56) on-site parking spaces, located on real property commonly known as 558-570 Market Street and 39-51 Polk Street, Newark, New Jersey 07105 and identified on the Official Tax Map of the City of Newark, as Block 1998, Lot 7 (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, MarkPolk Urban Renewal, LLC 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 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 wou...
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