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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO RGC GRACE WEST URBAN RENEWAL, LLC, THE OWNER OF AN APARTMENT COMPLEX LOCATED ON PROPERTY COMMONLY KNOWN AS 221-305 IRVINE TURNER BOULEVARD AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 2583, LOT 1
Sponsors: Chaneyfield Jenkins / Crump
PUBLIC HEARING WILL BE HEARD ON MUNICIPAL COUNCIL SPECIAL MEETING, DECEMBER 23, 2014
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WHEREAS, RGC Grace West Urban Renewal, LLC c/o Jonathan Rose Companies, 551 Fifth Avenue, 23rd Floor, New York, NY 10176, filed an application with the Mayor seeking a long term tax abatement pursuant to Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq., ("LTTEL") for a thirty (30) year term for the acquisition and rehabilitation of 429 affordable housing units located at 221-305 Irvine Turner Boulevard, Newark, New Jersey 07103 and identified on the official tax map of the City as Block 2583, Lot 1 (the "Property"), consisting of the renovation of 429 affordable housing units with emphasis on the following: exterior fa?ade, HVAC systems, and elevators (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 No. 6PSF-a 050411 adopted May 4, 2011, RGC Grace West 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 Municipal Council 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 RGC Grace West Urban Renewal, LLC, c/o Jonathan Rose Companies, 551 Fi...
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