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AN ORDINANCE GRANTING A FIFTEEN (15) YEAR TAX ABATEMENT TO NEW SPRING URBAN RENEWAL PROPERTIES, LLC, 573 SPRING STREET, ELIZABETH, NEW JERSEY 07201, THE OWNER OF A PROJECT CONSISTING OF A SONIC DRIVE-IN RESTAURANT LOCATED ON PROPERTY KNOWN AS 189-237 SPRINGFIELD AVENUE AND IDENTIFIEDON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 2502, LOT 1 AND BLOCK 2515, LOT 23 (CENTRAL WARD).
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WHEREAS, New Spring Urban Renewal Properties, LLC, 573 Spring Street, Elizabeth, New Jersey 07201, 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 consisting of a Sonic Drive-In Restaurant on real property commonly known as 189-237 Springfield Avenue, Newark, New Jersey and identified on the City's tax map as Block 2502, Lot 1 and Block 2515, Lot 23 (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, New Spring Urban Renewal Properties, 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 New Spring Urban Renewal Properties, LLC, 573 Sprig Street, Elizabeth, New Jersey 07201, for the development, maintenance and operation of the Project described in the application is hereby approved in accordance with the recommendation of the Mayor, consisting of a Sonic Drive-In Restaurant, 1...
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