Title
AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO SPG 2013 MCCARTER HWY URBAN RENEWAL, LLC, ONE TOWER BRIDGE, 100 FRONT STREET, SUITE 350, WEST CONSHOHOCKEN, PENNSYLVANIA 19428, FOR A PROJECT TO CONSTRUCT A WAREHOUSE DISTRIBUTION CENTER CONSISTING OF APPROXIMATELY 178,200 SQUARE FEET OF WAREHOUSE SPACE WITH APPROXIMATELY (37) LOADING DOCKS, APPURTENANT DRIVEWAYS, AND SURFACE CAR PARKING LOCATED AT 2013 MCCARTER HIGHWAY, NEWARK, NEW JERSEY 07104 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 825, LOTS 1, 16, 20, 25 AND 30 (NORTH WARD).
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WHEREAS, SPG 2013 McCarter HWY Urban Renewal, LLC, One Tower Bridge, 100 Front Street, Suite 350, West Conshohocken, Pennsylvania 19428, 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 (20) year term for a project to construct a warehouse distribution center consisting of approximately 178,200 square feet of warehouse space with approximately thirty-seven (37) loading docks, appurtenant driveways, and surface car parking located at 2013 McCarter Highway, Newark, New Jersey 07104 and identified on the Official Tax Map of the City of Newark, as Block 825, Lots 1, 16, 20, 25 and 30 (collectively, 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 May 4, 2011, SPG 2013 McCarter HWY 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 Department of Economic and Housing Development 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...
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