Title
AN ORDINANCE GRANTING A FIFTEEN (15) YEAR TAX ABATEMENT TO LINCOLN PARK-CAPC URBAN RENEWAL, LLC, 450 WASHINGTON STREET, NEWARK, NEW JERSEY 07102, THE OWNER OF A RESIDENTIAL CONDOMINIUM PROJECT LOCATED ON PROPERTY COMMONLY KNOWN AS 462 AND 478 WASHINGTON STREET AND IDENTIFIED ON THE OFFICIAL TAX MAP AS BLOCK 116, LOTS 55 AND 62.01 (CENTRAL WARD)
Body
WHEREAS, Lincoln Park-CAPC Urban Renewal, LLC, 450 Washington Street, Newark, New Jersey 07102, filed an application with the Mayor seeking a long term tax abatement for a residential condominium project consisting of the construction of two buildings containing eighteen (18) condominium units, eight (8) of which shall be Affordable Housing Units and ten (10) of which shall be Market Rate Units (the "Project") on property commonly known as 462 Washington Street and 478 Washington Street, Newark, New Jersey and identified on the official tax map of the City as Block 116, Lots 55 and 62.01 (the "Property") pursuant to the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et. seq.; 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 No. 6PSF-a adopted May 4, 2011, Lincoln Park-CAPC 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 abatement 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 Lincoln Park-CAPC Urban Renewal, LLC, 450 Washington Street, Newark, New Jersey 07102, for the development, maintenance and operation...
Click here for full text