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AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO 369-378 18TH AVENUE URBAN RENEWAL, LLC, 1 ORIENT WAY SUITE F #240, RUTHERFORD, NEW JERSEY 07070, FOR A PROJECT TO CONSTRUCT ELEVEN (11) MARKET RATE RESIDENTIAL RENTAL UNTS WITH ONE (1) AFFORDABLE HOUSING RENTAL UNITS WHICH SHALL BE RESTRICTED TO TENANTS AT 60% OF AREA MEDIAN INCOME ("AMI"), AND SIX (6) ASSOCIATED PARKING SPACES, LOCATED AT 369-379 18TH AVENUE, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 2609, LOT 1.12. (CENTRAL WARD)
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WHEREAS, 369-379 18th Avenue Urban Renewal, LLC, 1 Orient Way, Suite F, #240, Rutherford, New Jersey 07070, 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 eleven (11) market rate residential rental units (the "Market Rate Units"), one (1) affordable housing rental unit which shall be restricted to tenants at 60% of Area Median Income ("AMI") (the "Income Restricted Unit"), and six (6) associated parking spaces located at 369-379 18th Avenue, Newark, New Jersey and identified on the City's tax map as Block 2609, Lot 1.12 (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. 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 369-379 18th Avenue Urban Renewal, LLC, 1 Orient Way, Suite F, #240, Rutherford, New Jersey 07070 (the "Entity"), for the development, maintenance, and operation of the Project described in the a...
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