Title
AN ORDINANCE GRANTING A FIFTEEN (15) YEAR TAX ABATEMENT TO NEWARK 40 E. PARK URBAN RENEWAL, LLC, 128 MAIN AVENUE, PASSAIC, NEW JERSEY 07055, FOR A PROJECT TO RENOVATE A VACANT, ABANDONED BROWNSTOWN OFFICE BUILDING INTO FIFTEEN (15) MARKET RATE RESIDENTIAL RENTAL UNITS ON REAL PROPERTY KNOWN AS 40 EAST PARK STREET AND 36-38 AND 40 KITCHELL STREET, AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 126, LOTS 1, 2 AND 52 (CENTRAL WARD).
Sponsor(s): Gonzalez/ James
body
WHEREAS, Newark 40 E. Park Street Urban Renewal, LLC, 128 Main Avenue, Passaic, New Jersey 07055, 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 fifteen (15) year term for a project to renovate a vacant, abandoned brownstone office building into fifteen (15) market rate residential rental units on real property known as 40 East Park Street and 36-38 and 40 Kitchell Street, Newark, New Jersey and identified on the City's tax map as Block 126, Lots 1, 2 and 52 (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-aadopted May 4, 2011, Newark 40 E. Park 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 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 Newark 40 E. Park Urban Renewal, LLC, 128 Main Avenue, Passaic, New Jersey 07055 (the "Entity"), for the development, main...
Click here for full text