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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO WTJV URBAN RENEWAL, LLC, 444 MOUNT PROSPECT AVENUE, NEWARK, NEW JERSEY 07104, FOR A PROJECT TO SIGNIFICANTLY REHABILITATE AN EXISTING SEVENTEEN-STORY APARTMENT BUILDING CONSISTING OF (279) AFFORDABLE HOUSING RENTAL UNITS FOR SENIOR CITIZENS LOCATED AT 434-462 MOUNT PROSPECT AVENUE, NEWARK, NEW JERSEY 07104 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 629, LOT 7 (NORTH WARD).
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WHEREAS, WTJV Urban Renewal LLC, 444 Mount Prospect Avenue, Newark, New Jersey 07104 filed an application with the Mayor 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 significantly rehabilitate an existing seventeen (17) story apartment building consisting of two hundred seventy-nine (279) affordable housing rental units for senior citizens located at 434-462 Mount Prospect Avenue, Newark, New Jersey and identified on the City's tax map as Block 629, Lot 7 (collectively, 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, WTJV 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 ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The application of WTJV Urban Renewal LLC, 444 Mount Prospect Avenue, Newark, New Jersey 07104, for the development, ...
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