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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO 69 SHERMAN AVENUE URBAN RENEWAL CO., LLC, 27 AUSTIN STREET, NEWARK, NEW JERSEY 07114, FOR A PROJECT TO CONSTRUCT A NEW FIVE (5) STORY BUILDING WITH A TOTAL OF FORTY-FOUR (44) AFFORDABLE HOUSING RENTAL UNITS WHICH SHALL BE RESTRICTED TO TENANTS AT 60% OF AREA MEDIAN INCOME ("AMI") AND 44 GROUND FLOOR PARKING SPACES, LOCATED AT 69-81 SHERMAN AVENUE, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 2803, LOT 20.01 (SOUTH WARD).
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WHEREAS, 69 Sherman Avenue Urban Renewal Co., 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 five (5) story building with a total of forty-four (44) affordable housing rental units, which shall be restricted to tenants at 60% of Area Median Income ("AMI") (the "Income Restricted Units"), and 44 ground floor parking spaces, located at 69-81 Sherman Avenue, Newark, New Jersey 07114 and identified on the City's tax map as Block 2803, Lot 20.01 (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, in accordance with Ordinance 6PSF-a adopted on May 4, 2011, 69 Sherman Avenue Urban Renewal Co., LLC has filed with the City a sworn statement that it has not made any contribution in violation of said Ordinance; and
WHEREAS, the Newark 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 proposed tax abatement 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:...
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