Title
AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR TAX ABATEMENT TO LIBERTY 357 WILSON OZ DEVELOPER URBAN RENEWAL, LLC C/O PROLOGIS, ONE MEADOWLANDS PLAZA, SUITE 100, EAST RUTHERFORD, NEW JERSEY 07073, FOR A PROJECT TO CONSTRUCT A NEW INDUSTRIAL WAREHOUSE FACILITY TOTALING APPROXIMATELY 142,479 SQUARE FEET, (91) PARKING SPACES, (23) LOADING SPACES AND ASSOCIATED IMPROVEMENTS LOCATED AT 337-391 WILSON AVENUE, NEWARK, NEW JERSEY 07105 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 5030, LOT 14 (EAST WARD).
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WHEREAS, Liberty 357 Wilson OZ Developer Urban Renewal, LLC, c/o Prologis One Meadowlands Plaza, Suite 100, East Rutherford, New Jersey 07073, 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 a twenty-five (25) year term, for a project to construct a new industrial warehouse facility totaling approximately 142,479 square feet, ninety-one (91) parking spaces, twenty-three (23) loading spaces and associated improvements, located at 337-391 Wilson Avenue, Newark, New Jersey 07105 and identified on the Official Tax Map of the City of Newark, as Block 5030, Lot 14 (collectively, 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, Liberty 357 Wilson OZ Developer Urban Renewal, LLC has filed with the City of Newark (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 proposed tax abatement and that without the tax abatement granted herein, the Project would not be...
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