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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO ESSEX PLAZA OWNER TWO, 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 TWELVE (12) EXISTING MID-RISE ELEVATOR AND WALK-UP BUILDINGS CONSISTING OF APPROXIMATELY 241 AFFORDABLE HOUSING RENTAL UNITS AND ON-SITE COMMUNITY AMENITIES, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 31-41 E. KINNEY STREET, 9 SCOTT STREET, 72-76 ORCHARD STREET, 11-31 PENNINGTON STREET, 1078-1082 BROAD STREET, 146-158 ORCHARD STREET, 81-83 LINCOLN PARK, NEWARK, NEW JERSEY 07102 AND IDENTIFIED ON THE OFFIVIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 884, LOTS 1, 3 AND 31, BLOCK 885, LOTS 41, 42 AND 43, BLOCK 893, LOTS 2, 3, 4, 6, 34, 36, 37 AND 38, BLOCK 894, LOTS 1 AND 4, BLOCK 895, LOTS 44, 46 AND 48 AND BLOCK 2826, LOTS 24 AND 25.
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WHEREAS, Essex Plaza Owner Two 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 twelve (12) existing mid-rise elevator and walk-up buildings consisting of approximately 241 affordable housing rental units and on-site community amenities, located on real property commonly known as 31-41 E. Kinney Street, 9 Scott Street, 72-76 Orchard Street, 11-31 Pennington Street, 1078-1082 Broad Street, 146-158 Orchard Street, 81-83 Lincoln Park, Newark, New Jersey and identified on the Official Tax Map of the City of Newark, as Block 884, Lots 1, 3 and 31, Block 885, Lots 41, 42 and 43, Block 893, Lots 2, 3, 4, 6, 34, 36, 37 and 38, Block 894, Lots 1 and 4, Block 895, Lots 44, 46 and 48 and Block 2826, Lots 24 and 25 (collectively, the "Project"); and
WHEREAS,...
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