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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO NEWARK FARMERS MARKET URBAN RENEWAL, LLC FOR A PROJECT TO REPLACE OLD EXISTING STRUCTURES WITH A NEW DISTRIBUTION AND PROCESSING FACILITY FOR FRUITS AND VEGETABLES, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 54-88 CORNELIA STREET, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S OFFICIAL TAX MAP AS BLOCK 2423, LOT 1.
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WHEREAS, Newark Farmers Market Urban Renewal, LLC, of 2-44 Cornelia Street, Newark, New Jersey 07105 (the "Entity"), filed an application with the City of Newark (the "City") 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 a Project to replace old existing structures with new distribution and processing facility for fruits and vegetables, located on real property commonly known as 54-88 Cornelia Street, Newark, New Jersey 07105 and identified on the City's Official Tax Map as Block 2423, Lot 1 (the "Project"); and
WHEREAS, the Mayor 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 May 4, 2011, Newark Farmers Market 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 City 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 ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The application of Newark Farmers Market Urban Renewal LLC, of 2-44 Cornelius Street, Newark, New Jersey 07105, for the development, maintenance and operation of the Project described in the application is hereby approved in...
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