Title
AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO KS 486 MARKET STREET URBAN RENEWAL, LP, 556 MARKET STREET, NEWARK, NEW JERSEY 07105, FOR A PROJECT TO CONSTRUCT SEVENTEEN (17) MARKET RATE RESIDENTIAL RENTAL UNITS (THE "MARKET RATE UNITS"), AND TWO (2) AFFORDABLE HOUSING RENTAL UNITS (THE "INCOME RESTRICTED UNITS") RESTRICTED TO TENANTS AT 60% OF AREA MEDIAN INCOME ("AMI"), LOCATED AT 486 MARKET STREET, NEWARK, NEW JERSEY, AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 2002, LOT 1. (EAST WARD)
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WHEREAS, KS 486 Market Street Urban Renewal, LP, 556 Market 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 twenty (20) year term for a project to construct seventeen (17) market-rate residential rental units (the "Market Rate Units") and two (2) affordable housing rental units (the "Income Restricted Units") restricted to tenants at 60% of Area Median Income ("AMI") located at 486 Market Street, Newark, New Jersey and identified on the City's tax map as Block 2002, Lot 1 (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 May 4, 2011, 126 Walnut Street 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, 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...
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