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AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR TAX ABATEMENT TO 100 POLK STREET URBAN RENEWAL, LLC, C/O GROVE PROPERTY HOLDINGS, LLC, 124 POLK STREET, BOX S-2, NEWARK, NEW JERSEY 07105, FOR A PROJECT TO DEMOLISH A VACANT INDUSTRIAL GARAGE AND CONSTRUCT A NEW BUILDING WITH FORTY-TWO (42) MARKET RATE RESIDENTIAL RENTAL UNITS AND ASSOICIATED PARKING LOCATED AT 94-106 POLK STREET, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 1993, LOT 42, EAST WARD.
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WHEREAS, 100 Polk Street Urban Renewal, LLC, c/o Grove Property Holdings, LLC, 124 Polk Street, Box S-2, Newark, New Jersey 07105, 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 twenty-five (25) year term for a project to demolish a vacant industrial garage and construct a new building with forty-two (42) market rate residential rental units and associated parking located at 94-106 Polk Street, Newark, New Jersey and identified on the tax map of the City of Newark (the "City") as Block 1993, Lot 42 (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, 100 Polk Street Urban Renewal Company, 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 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 100 Polk Street Urban Renewal, LLC, c/o Grove Pro...
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