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AN ORDINANCE AMENDING ORDINANCE 6S&FE ADOPTED MARCH 19, 2008 GRANTING A, LONG TERM TAX ABATEMENT TO LINCOLN PARK REDEVELOPMENT URBAN RENEWAL LLC, THE OWNER OF THE RESIDENTIAL PROJECT, MORE SPECIFICALLY IDENTIFIED ON THE OFFICIAL TAX MAP AS BLOCK 116, LOTS 55 AND 62.01-62.07, MORE COMMONLY KNOWN AS 450-466 WASHINGTON STREET AND 478-480 WASHINGTON STREET, FOR THE PERIOD COMMENCING FROM THE DATE OF ISSUANCE OF THE CERTIFICATE OF OCCUPANCY AND EXPIRING TWENTY (20) YEARS THEREAFTER, TO REFLECT THE REVISED PROJECT CONSISTING OF FIVE (5) CONDOMINIUM UNITS COSTRUCTED ON BLOCK 116, LOTS 62.02, 62.03, 62.04, 62.05 AND 62.07 AND DELETING FROM THE PROJECT THE PROPERTIES LOCATED ON BLOCK 116, LOTS 55, 62.01 AND 62.06. (CENTRAL WARD)
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WHEREAS, on March 19, 2008, the Municipal Council of the City of Newark (the "Municipal Council") adopted Ordinance 6S&FE, granting a long term tax abatement to Lincoln Park Redevelopment Urban Renewal LLC. (the "Entity"), a corporation having its principal office at 450 Washington Street, Newark, New Jersey 07102, for the construction of a rental housing project (the "Project") on land identified on the Official Tax Map of the City of Newark as Block 116, Lots 55 and 62.01-62.07, more commonly known as 450-466 Washington Street and 478-480 Washington Street, Newark, Newark, New Jersey (the "Property") pursuant to the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq (the "LTTE"); and
WHEREAS, the application filed by the Entity represented that the Project would consist of the construction of two buildings located at 450--466 Washington and 478-480 Washington Street. The building located at 450-466 Washington Street would consist of six mixed-income rental units and artists' lofts and the building located at 478-480 Washington Street would include one commercial unit and six market rate duplex units. The (2) buildings together would therefore create a thirteen (13) unit mixed income, mixed use, green housing proj...
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