Title
AN ORDINANCE GRANTING A THIRTY YEAR (30) YEAR TAX ABATEMENT TO 930 MCCARTER URBAN RENEWAL, LLC, 120 ALBANY STREET, NEW BRUNSWICK, NEW JERSEY 08901, FOR A PROJECT TO CONSTRUCT A NEW (25) STORY MIXED-USE TOWER WITH (333) RESIDENTIAL UNITS, TWENTY PERCENT (20%) OF WHICH SHALL BE AFFORDABLE HOUSING, 3,750 SQUARE FEET OF RETAIL SPACE ON THE GROUND FLOOR AND APPROXIMATELY (240) PARKING STALLS LOCATED ON PROPERTY KNOWN AS 930 MCCARTER HIGHWAY, NEWARK, NEW JERSEY 07102 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 1, LOT 46.02 AND AUTHORIZING THE EXECUTION AND DELIVERY OF A FINANCIAL AGREEMENT AND OTHER APPLICABLE DOCUMENTS RELATED TO THE ISSUANCE OF REDEVELOPMENT AREA BONDS (NON-RECOURSE TO THE FULL FAITH AND CREDIT OF THE CITY), AUTHORIZING THE ISSUANCE OF THE REDEVELOPMENT AREA BONDS IN A PRINCIPAL AMOUNT NOT TO EXCEED $8,000,000.00, AND DETERMINING VARIOUS OTHER MATTERS IN CONNECTION THEREWITH.
THIS ORDINANCE SECURES BONDS OR OTHER OBLIGATIONS ISSUED IN ACCORDANCE WITH THE PROVISIONS OF THE "REDEVELOPMENT AREA BOND FINANCING LAW" AND THE LIEN HEREOF IN FAVOR OF THE OWNERS OF SUCH BONDS OR OTHER OBLIGATIONS IS A MUNICIPAL LIEN SUPERIOR TO ALL OTHER NON-MUNICIPAL LIENS HEREINAFTER RECORDED.
Deferred 6PSF-a 031622
Deferred 6PSF-a 040622
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WHEREAS, 930 McCarter Urban Renewal, LLC, 120 Albany Street, New Brunswick, New Jersey 08901, 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. (the "Tax Exemption Law"), for a thirty (30) year term for a project to construct a new twenty-five (25) story mixed-use tower with three hundred thirty-three (333) residential units, twenty percent (20%) of which shall be affordable housing, 3,750 square feet of retail space on the ground floor and approximately two hundred forty (240) parking stalls located on property known as 930 McCarter Highway, Newark, New Jersey 07102 and identified on th...
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