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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO BRP 440 WS URBAN RENEWAL, LLC, FOR A PROJECT KNOWN AS ST. JAMES TOWER, CONSISTING OF THE ACQUISITION AND SUBSTANTIAL REHABILITATION OF TWO HUNDRED (200) AFFORDABLE HOUSING UNITS ON REAL PROPERTY KNOWN AS 394-440 WASHINGTON STREET AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 112, LOT 1 (PROPOSED LOT A) (CENTRAL WARD).
Sponsors: Chaneyfield Jenkins/ Gonzalez
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WHEREAS, 440 BRP WS Urban Renewal, LLC, 767 Third Avenue, 33rd floor, New York, New York 10017, 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 thirty (30) year term for a project consisting of the acquisition and rehabilitation of two hundred (200) affordable housing units, including without limitation, significant renovations and improvements to roof, facade, kitchens, bathrooms, common areas, electrical and HVAC systems, located on real property commonly known as 394-440 Washington Street, Newark, New Jersey and identified on the City's tax map as Block 112, Lot 1 (proposed Lot A) (the "Project"); and
WHEREAS, the Mayor has submitted the application and proposed Financial Agreement to the City Council with his recommendation thereof, a copy of which is annexed hereto; and
WHEREAS, in accordance with Ordinance 6PSF-a adopted May 4, 2011, BRP 440 WS 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 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 BRP 440 WS Urban Renewal Co., LLC, 767 Third Av...
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