Title
AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO SPRUCE SPIRES URBAN RENEWAL, L.P., THE OWNER OF AN APARTMENT COMPLEX LOCATED ON PROPERTY COMMONLY KNOWN AS 90-92, 94-96 AND 98-100 SRUCE STREET AND 717-723 AND 725-727 MARTIN LUTHER KING, JR. BOULEVARD AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 2559, LOTS 31, 35, 41, 42, AND 44 (CENTRAL WARD)
Sponsors: Chaneyfield Jenkins/ Gonzalez
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WHEREAS, Spruce Spires Urban Renewal, L.P., c/o Omni America, LLC, having its principal office at 885 Second Avenue, Floor 31, New York, NY 10017, filed an application with the Mayor seeking a long term tax abatement pursuant to Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq., ("LTTE") for a thirty (30) year term for the rehabilitation of 112 apartments within the existing buildings (the "Project") located at 90-92, 94-96 and 98-100 Spruce Street and 717-723 and 725-727 Martin Luther King Jr Boulevard, Newark, New Jersey and identified on the City's tax map as Block 2559, Lots 31, 35, 41, 42, and 44 (the "Property); 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 No. 6PSF-a 050411 adopted May 4, 2011, Spruce Spires Urban Renewal, L.P. 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 Spruce Spires Urban Renewal, L.P., c/o Omni America, LLC, having its principal office at 885 Second Avenu...
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