Title
AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO CENTERPOINT 49 RUTHERFORD URBAN RENEWAL, LLC, 17-89 RUTHERFORD STREET, NEWARK, NEW JERSEY 07105, FOR A PROJECT TO DEMOLISH EXISTING DILAPIDATED BUILDINGS AND CONSTRUCT A NEW WAREHOUSE BUILDING CONSISTING OF APPROXIMATELY 179,317 SQUARE FEET OF WAREHOUSE SPACE, 6,600 SQUARE FEET OF OFFICE SPACE, 166 PARKING SPACES AND 93,000 SQUARE FEET OF OPEN SPACE, LOCATED AT 17-89 AND 91-127 RUTHERFORD STREET, NEWARK, NEW JERSEY 07105 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 5050.01, LOT 15 AND BLOCK 5056, LOT 26. (EAST WARD)
DEFERRED 8-a (s) 072021
No Action Taken 6PSF-ae (s) 081721
body
WHEREAS, Centerpoint 49 Rutherford Urban Renewal, LLC, 17-89 Rutherford Street, Newark, New Jersey 07105 (the "Entity"), 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 (20) year term for a project to demolish existing dilapidated buildings and construct a new warehouse building consisting of approximately 179,317 square feet of warehouse space, 6,600 square feet of office space, 166 parking spaces and 93,000 square feet of open space, located at 17-89 and 91-127 Rutherford Street, Newark, New Jersey 07105 and identified on the Official Tax Map of the City of Newark as Block 5050.01, Lot 15 and Block 5056, Lot 26 (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, Centerpoint 49 Rutherford 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 Department of Economic and Housing Development has determ...
Click here for full text