Title
AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO 54 LOCKWOOD STREET URBAN RENEWAL, LLC, C/O BRIDGE INDUSTRIAL, ONE GATEHALL DRIVE, SUITE 201, PARSIPPANY, NEW JERSEY 07054 FOR A PROJECT LOCATED AT 54-56 LOCKWOOD ST., NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 2412, LOT 58 (THE "PROPERTY") FOR A PROJECT INVOLVING THE DEMOLITION OF THE EXISTING OBSOLETE INDUSTRIAL BUILDINGS, ENVIRONMENTAL SITE REMEDIATION, AND REDEVELOPMENT OF THE LAND WITH CONSTRUCTION OF AN APPROXIMATELY 211,388 SQUARE FOOT INDUSTRIAL DISTRIBUTION WAREHOUSE BUILDING CONSISTING OF APPROXIMATELY 26 LOADING DOCKS, 2 DRIVE IN RAMPS, AND 155 CAR PARKING SPACES (COLLECTIVELY, THE "PROJECT") (EAST WARD).
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W I T N E S S E T H:
WHEREAS, 54 Lockwood Street Urban Renewal, LLC, c/o Bridge Industrial, One Gatehall Drive, Suite 201, Parsippany, New Jersey 07054 filed an application with the Mayor seeking a long term tax abatement under the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq. for a Twenty (20) year term for a project located in the East Ward at 54-56 Lockwood St., Newark, New Jersey and identified on the City's tax map as Block 2412, Lot 58 involving the demolition of the existing obsolete industrial buildings, environmental site remediation, and redevelopment of the land with construction of an approximately 211,388 square foot industrial distribution warehouse building consisting of approximately 26 loading docks, 2 drive in ramps, and 155 car parking spaces, all as further described in the Developer's Application, located at 54-56 Lockwood St., Newark, New Jersey and identified on the City's tax map as Block 2412, Lot 58 (collectively, the "Project"); 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, the Department of Economic and Housing Development has determined pursuant to N.J.S.A. 4...
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