TITLE
AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO HVPG VILLA VICTORIA PRESERVATION URBAN RENEWAL, LLC, 200 VESEY STREET, 24TH FLOOR, NEW YORK, NEW YORK 10080, FOR A PROJECT TO ACQUIRE AND RENOVATE ONE HUNDRED NINETY-FOUR (194) AFFORDABLE RENTAL HOUSING UNITS ON REAL PROPERTY COMMONLY KNOWN AS 2-54 CUTLER STREET, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 474, LOT 1 (CENTRAL WARD)
body
WHEREAS, HVPG Villa Victoria Preservation Urban Renewal, LLC, 200 Vesey Street, 24th Floor, New York, New York 10080, 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 acquire and renovate one hundred ninety-four (194) affordable rental housing units on real property commonly known as 2-54 Cutler Street and Identified on the City's tax map as Block 474, Lot 1 (the "Project"); and
WHEREAS, the real property that is the subject of this Project, is currently owed by Villa Victoria Urban Renewal, LLC which presently has a thirty (30) year tax abatement which is scheduled to expire in 2028; and
WHEREAS, once the real property that is the subject of the Project is acquired by HVPG Villa Victoria Preservation Urban Renewal, LLC, then the thirty (30) year tax abatement given to Villa Victoria Urban Renewal, LLC will cease; 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, HVPG Villa Victoria Preservation 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 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 exemption ...
Click here for full text