Title
AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO 1098 BROAD STREET URBAN RENEWAL COMPANY, LLC, 27 AUSTIN STREET, NEWARK, NEW JERSEY 07114 FOR A PROJECT TO CONSTRUCT A NEW FIVE (5) STORY BUILDING WITH A TOTAL OF THIRTY-FIVE (35) NEW MARKET RATE RESIDENTIAL RENTAL UNITS, 750 SQUARE FEET OF COMMERCIAL SPACE, AND SEVENTEEN (17) PARKING SPACES LOCATED AT 1098-1102 BROAD STREET, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 898, LOT 4, (EAST WARD)
body
WHEREAS, 1098 Broad Street Urban Renewal Company, LLC, 27 Austin Street, Newark, New Jersey 07114, 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 a new five (5) story building with a total of thirty-five (35) new market rate residential rental units (the "Market Rate Units"), 750 square feet of commercial space (one unit), and seventeen (17) parking spaces located at 1098-1102 Broad Street, Newark, New Jersey and identified on the City's tax map as Block 898, Lot 4 (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, in accordance with Ordinance 6PSF-a adopted May 4, 2011, 1098 Broad Street Urban Renewal Company, LLC, has filed with the City a sworn statement that it has not made any contribution in violation of said ordinance; and
WHEREAS, the Department of Economic and Housing Development has determined 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 1098 Broad Street Urban Renewal Company, LLC, c/o A.T.S. D...
Click here for full text