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AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO BERGEN STREET REDEVELOPMENT URBAN RENEWAL LLC, FOR A PROJECT TO CONSTRUCT TWO (2) MIXED USE BUILDINGS CONTAINING A TOTAL OF FORTY-TWO (42) AFFORDABLE HOUSING UNITS, COMMERCIAL SPACE AND PARKING, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 1037-1047 AND 1057-1059 BERGEN STREET, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 3661, LOTS 3, 5 AND 8 AND BLOCK 3660, LOT 11 (SOUTH WARD)
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WHEREAS, Bergen Street Redevelopment Urban Renewal LLC, c/o Lemor Realty Corp., 167 West 145th Street, New York, New York 10039, 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 twenty (20) year term for a project to construct two (2) mixed use buildings containing a total of forty-two (42) affordable housing units (the "Housing Units"), commercial space (the "Commercial Units") and parking, located on real property commonly known as 1037-1047 and 1057-1059 Bergen Street, Newark, New Jersey and identified on the City's tax map as Block 3661, Lots 3, 5 and 8 and Block 3660, Lot 11 (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, Bergen Street Redevelopment 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 Ber...
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