Title
AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO ESSEX PLAZA OWNER ONE, LLC, HAVING ITS PRINCIPAL OFFICE AT C/O FAIRSTEAD, 250 WEST 55TH STREET, 35TH FLOOR, NEW YORK, NEW YORK, 10019 FOR A PROJECT TO ACQUIRE AND SUBSTANTIALLY RENOVATE AN EXISTING EIGHT (8) STORY BUILDING CONSISTING OF 450 SENIOR AFFORDABLE HOUSING RENTAL UNITS AND ON-SITE COMMUNITY AND MEDICAL FACILITIES, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 1056-1070 BROAD STREET AND 1048-1054 BROAD STREET, NEWARK, NEW JERSEY 07102 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 892, LOTS 1 AND 16.
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WHEREAS, Essex Plaza Owner One, LLC, having its principal office at c/o Fairstead, 250 West 55th Street, 35th Floor, New York, New York, 10019 (the "Entity") the Entity has applied for a long term tax exemption pursuant to the New Jersey Housing and Mortgage Finance Agency Law of 1983, as amended and supplemented, N.J.S.A. 55:14K-1 et seq. (the "HMFA Law") for a project to acquire and substantially renovate an existing eight (8) story building consisting of 450 senior affordable housing rental units and on-site community and medical facilities, located on real property commonly known as 1056-1070 Broad Street, Newark, New Jersey and 1048-1054 Broad Street, Newark, New Jersey 07102 and identified on the Official Tax Map of the City of Newark, as Block 892, Lots 1 and 16 (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 on May 4, 2011, the Entity has filed with the City of Newark (the "City") a sworn statement that it has not made any contribution in violation of said ordinance; and
WHEREAS, the Municipal Council has determined that the relative benefits of this Project outweigh any costs associated with thi...
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