Title
AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR TAX ABATEMENT TO 28 MCWHORTER ST URBAN RENEWAL, LLC, 9 KENSINGTON PLACE, ROSELAND, NEW JERSEY 07208, FOR A PROJECT TO CONSTRUCT A NEW TWELVE (12) STORY MIXED-USE BUILDING CONSISTING OF APPROXIMATELY 403 MARKET RATE RENTAL UNITS, 3,222 SQUARE FEET OF RETAIL SPACE, 196 PARKING SPACES AND OTHER AMENITIES, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 51-57 UNION STREET AND 28-50 MCWHORTER STREET, NEWARK, NEW JERSEY 07105 AND IDENTIFIED ON THE OFFICIAL TAP MAP OF THE CITY OF NEWARK, AS BLOCK 184, LOTS 8 AND 28. (EAST WARD)
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WHEREAS, 28 McWhorter St Urban Renewal LLC, 9 Kensington Place, Roseland, New Jersey 07208, filed an application with the Mayor of the City of Newark 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-five (25) year term for a project to construct a new twelve (12) story mixed-use building consisting of approximately 403 market rate rental units, 3,222 square feet of retail space, 196 parking spaces and other amenities, located on real property commonly known as 28-50 McWhorter Street, which includes 51-57 Union Street, Newark, New Jersey 07105 and identified on the Official Tax Map of the City of Newark, as Block 184, Lots 28 and 8 as an additional lot (the "Project"); and
WHEREAS, the Mayor of the City of Newark 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 on May 4, 2011, 28 McWhorter St Urban Renewal, LLC has filed with the City of Newark (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 proposed tax abatement and that without the...
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