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AN ORDINANCE GRANTING A SEVENTEEN (17) YEAR TAX ABATEMENT TO SPG 100 FRONTAGE RD URBAN RENEWAL LLC, C/O SEAGIS PROPERTY GROUP, ONE MEADOWLANDS PLAZA, SUITE 800, EAST RUTHERFORD, NEW JERSEY 07073, FOR A PROJECT TO CONSTRUCT A 224,900 SQUARE FOOT WAREHOUSE/DISTRIBUTION BUILDING CONSISTING OF APPROXIMATELY 41 LOADING DOCKS, APPURTENANT DRIVEWAYS, CAR PARKING, LANDSCAPING, LIGHTING, UNDERGROUND UTILITIES, AND STORMWATER MANAGEMENT LOCATED AT 58-108 FRONTAGE ROAD, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 5088, LOT 156.01 (EAST WARD).
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WHEREAS, SPG 100 Frontage Rd Urban Renewal, LLC, c/o Seagis Property Group, One Meadowlands Plaza, Suite 800, East Rutherford, New Jersey 07073 ("Entity"), 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 seventeen (17) year term for a project to construct a 224,900 square foot warehouse/distribution building consisting of approximately 41 loading docks, appurtenant driveways, car parking, landscaping, lighting, underground utilities, and stormwater management located at 58-108 Frontage Road, Newark, New Jersey and identified on the City's tax map as Block 5088, Lot 156.01 (the "Project")(East Ward); 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 on May 4, 2011, the Entity 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...
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