Title
AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO 297 CLINTON URBAN RENEWAL, LLC, 45 ACADEMY STREET, 5TH FLOOR, NEWARK, NEW JERSEY 07102, FOR A PROJECT TO CONSTRICT A NEW FOUR-STORY MULTI-FAMILY SENIOR-CITIZEN AGE-RESTRICTED BUILDING CONSISTING OF (64) AFFORDABLE HOUSING RENTAL UNITS (THE "INCOME RESTRICTED UNITS") RESTRICTED TO TENANTS AT 60% OF AREA MEDIAN INCOME ("AMI"), (1) SUPERINTENDENT UNIT AND (38) ON-SITE PARKING SPACES LOCATED AT 297-309 CLINTON AVENUE, NEWARK, NEW JERSEY 07108, AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2667, LOT 12 (SOUTH WARD).
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WHEREAS, 297 Clinton Urban Renewal LLC, 45 Academy Street, 5th Floor, Newark, New Jersey, 07102 ("Entity"), 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 thirty (30) year term for a project to construct a new four (4) story multifamily senior-citizen age-restricted building, consisting of sixty-four (64) affordable housing rental units (the "Income Restricted Units") restricted to tenants at 60% of Area Median Income ("AMI"), one (1) superintendent unit and on-site parking for thirty-eight (38) on-site parking spaces located at 297-309 Clinton Avenue, Newark, New Jersey and identified on the City's tax map as Block 2667, Lot 12 (South Ward) (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 May 4, 2011, the Entity has filed with the City a sworn statement that it has not made any contribution in violation of said ordinance; and
WHEREAS, the Newark 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 ...
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