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AN ORDINANCE GRANTING AN EIGHTEEN (18) YEAR TAX ABATEMENT TO 535 MLK BLVD URBAN RENEWAL, LLC, 535-541 MLK BOULEVARD, NEWARK, NEW JERSEY 07102, FOR A PROJECT TO CONSTRUCT A NEW BUILDING CONSISTING OF APPROXIMATELY THIRTY-TWO (32) MARKET RATE RESIDENTIAL RENTAL UNITS, EIGHT (8) AFFORDABLE HOUSING RENTAL UNITS IN ACCORDANCE WITH CITY ORDINANCE 6PSF-b, ADOPTED ON OCTOBER 4, 2017, SIX-HUNDRED (600) SQUARE FEET OF COMMERICIAL SPACE AND THIRTY-SIX (36) PARKING SPACES, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 535-541 MLK BOULEVARD, NEWARK, NEW JERSEY 07102 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2497, LOT 39 (CENTRAL WARD).
No Action Taken 8-a (s) 081721
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WHEREAS, 535 MLK Blvd Urban Renewal, LLC, 535-541 MLK Boulevard, Newark, New Jersey 07102, 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 an eighteen (18) year term for a project to construct a new building consisting of approximately thirty-two (32) market rate residential rental units, eight (8) affordable housing rental units in accordance with City Ordinance 6PSF-b, adopted on October 4, 2017, six hundred (600) square feet of commercial space and thirty-six (36) parking spaces, located on real property commonly known as 535-541 MLK Boulevard, Newark, New Jersey and identified on the Official Tax Map of the City of Newark, as Block 2497, Lot 39 (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, 535 MLK Blvd 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 Developm...
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