Title
AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO 746-765 S. 14TH STREET URBAN RENEWAL, LLC, 513 W. MT. PLEASANT AVENUE, SUITE 208, LIVINGSTON, NEW JERSEY 07039, FOR A PROJECT TO CONSTRUCT (3) TOWNHOME STYLE BUILDINGS CONSISTING OF (30) MARKET RATE RESIDENTIAL RENTAL UNITS, (8) AFFORDABLE HOUSING RENTAL UNITS IN ACCORDANCE WITH CITY ORDINANCE 6PSF-B, ADOPTED ON OCTOBER 4, 2017, AND APPROXIMATELY (26) PARKING SPACES, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 746-758 SOUTH 14TH STREET, NEWARK, NEW JERSEY 07103 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2633, LOT 37 (SOUTH WARD).
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WHEREAS, 746-765 S. 14th Street Urban Renewal, LLC, 513 W. Mt. Pleasant Avenue, Suite 208, Livingston, New Jersey 07039 ("Entity"), 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 thirty (30) year term for a project to construct three (3) townhome style buildings consisting of thirty (30) market rate residential rental units, eight (8) affordable housing rental units in accordance with City Ordinance No. 6PSF-b, duly adopted October 4, 2017, and approximately twenty-six (26) parking spaces, located on real property commonly known as 746-758 South 14th Street, Newark, New Jersey and identified on the City's tax map as Block 2633, Lot 37 (South Ward)(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, the Entity 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 abatement...
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