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AN ORDINANCE GRANTING A FIFTEEN (15) YEAR TAX ABATEMENT TO LIVINGSTON URBAN RENEWAL, LLC, 162 LIVINGSTON STREET, NEWARK, NEW JERSEY 07108, FOR A PROJECT TO ACQUIRE EIGHTY-TWO (82) AFFORDABLE RENTAL HOUSING UNITS ON PROPERTIES LOCATED ON 18-30 17TH AVENUE, 152-164 IRVINE TURNER BOULEVARD, 168-184 IRVINE TURNER BOULEVARD, 194-200 IRVINE TURNER BOULEVARD AND 202-208 IRVINE TURNER BOULEVARD AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 2550, LOT 1, BLOCK 2551, LOT 14 AND BLOCK 2568 LOTS 1, 27 AND 35. (CENTRAL WARD)
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WHEREAS, Livingston Urban Renewal, LLC, 162 Livingston Street, Newark, New Jersey 07108, 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 fifteen (15) year term for a project to acquire eighty-two (82) affordable rental housing units on properties located on real property commonly known as 18-30 17th Avenue, 152-164 Irvine Turner Boulevard, 168-184 Irvine Turner Boulevard, 194-200 Irvine Turner Boulevard and 202-208 Irvine Turner Boulevard and Identified on the City's tax map as Block 2550, Lot 1, Block 2551, Lot 14 and Block 2568, Lots 1, 27 and 35 (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, in accordance with Ordinance 6PSF-a, adopted May 4, 2011, Livingston 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 appl...
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