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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO MONTGOMERY TWO HOUSING URBAN RENEWAL, LLC, THE OWNER OF AN APARTMENT COMPLEX LOCATED ON PROPERTY COMMONLY KNOWN AS 685-715 DR. MARTIN LUTHER KING, JR., BOULEVARD AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 2559, LOT 7.
Sponsors: Gonzalez/ Quintana
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WHEREAS, Montgomery Two Housing Urban Renewal, LLC, 230 Wyoming Avenue, Kingston, PA 18704, filed an application with the Mayor seeking a long term tax abatement pursuant to Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq., ("LTTEL") for a thirty (30) year term for 685-715 Dr. Martin Luther King Jr. Boulevard, Newark, New Jersey 07103 and identified on the official tax map of the City as Block 2559, Lots 7 and 47 ( lot 47 merged with lot 7 on 10/18/68) (the "Property"), consisting of the construction of one hundred fifty-four (154) affordable housing units and approximately 7,000 square feet of commercial/retail space (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, Montgomery Two Housing Urban Renewal, LLC has filed with the City a sworn statement that it has not made any contribution in violation of the City's Pay to Play 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 Montgomery Two Housing Urban Renewal, LLC, for the construction of the Project described in the application is hereby approved in accordance with the recommendation of the Mayor.
2. The abatement from taxation on i...
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