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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO MONROE LAFAYETTE URBAN RENEWAL CO., LLC, 574 FERRY STREET, NEWARK, NEW JERSEY, THE OWNER OF A PROJECT CONSISTING OF THE CONVERSION OF A VACANT FOUR (4) STORY BUILDING INTO A FIVE (5) STORY MARKET RATE HOUSING APARTMENT BUILDING WITH FIFTY-TWO (52) UNITS LOCATED ON PROPERTY KNOWN AS 274-280 LAFAYETTE STREET AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 1977, LOT 1. EAST WARD
Deferred 6PSF-h 102115
Deferred 6PSF-b 110515
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WHEREAS, Monroe Lafayette Urban Renewal Co., LLC, 574 Ferry Street, Newark, New Jersey 07105, 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 consisting of the conversion of an existing but vacant four (4) story building into a five (5) story market rate apartment building with Fifty-Two (52) units on real property commonly known as 274-280 Lafayette Street, Newark, New Jersey and identified on the City's tax map as Block 1977, Lot 1 (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 No. 6PSF-a, adopted May 4, 2011, Monroe Lafayette 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 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 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:
1. The application of Monroe Lafayette Urban Renewal Co., LLC, 574 Ferry Street, Newark,...
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