Title
AN ORDINANCE GRANTING A FIFTEEN (15) YEAR TAX ABATEMENT TO KLEIN FUND URBAN RENEWAL, LLC, OF LAKEWOOD, NEW JERSEY 08701, FOR A PROJECT TO REDEVELOP AN EXISTING ONE-STORY BUILDING TO CREATE A FIVE-STORY MIXED USE BUILDING CONSISTING OF (32) MARKET RATE RESIDENTIAL RENTAL UNITS, (8) AFFORDABLE HOUSING RENTAL UNITS IN ACCORDANCE WITH CITY ORDINANCE 6PSF-B, DULY ADOPTED ON OCTOBER 4, 2017, (24) CAR PARKING GARAGE, AND 885 SQUARE FEET OF RETAIL SPACE LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 289-293 HALSEY STREET, NEWARK, NEW JERSEY 07102 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 96, LOT 11. (CENTRAL WARD)
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WHEREAS, Klein Fund Urban Renewal, LLC, of Lakewood, New Jersey 08701, 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 fifteen(15) year term for a project to redevelop an existing one-story building to create a five-story mixed use building consisting of thirty-two (32) market rate residential rental units (the "Market Rate Units"), eight (8) affordable housing rental units in accordance with City Ordinance 6PSF-b, adopted on October 4, 2017 (the "Income Restricted Units"), twenty-four (24) car parking garage, and 885 square feet of retail space located on real property commonly known as 289-293 Halsey Street, Newark, New Jersey 07102 and identified on the Official Tax Map of the City of Newark, as Block 96, Lot 11 (Central Ward) (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, Klein Fund Urban Renewal, LLC, has filed with the City a sworn statement that it has not made any contribution in violation of said Ordinance; and
WHEREAS, th...
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