Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Waiving 20 day period for an ordinance to take effect
Purpose: Tax abatement needs to take effect immediately so that there is no delay in providing housing for NJIT students as of the beginning of the 2013-2104 school year
Ordinance No(s).: 6PSFg(S) 082113
Additional Information:
Tax Abatement for NJIT Warren Lot 8 Urban Renewal LLC, 17 Greek Way, Newark, New Jersey
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WHEREAS, NJIT Warren Lot 8 Urban Renewal LLC, an urban renewal entity with an address of c/o New Jersey Institute of Technology, 323 Dr. Martin Luther King, Jr. Boulevard, Department of Administration and Treasurer, Fenster Hall, Room 310, Newark, New Jersey 07102-1982, filed an application with the Mayor seeking a long term tax abatement for a residential affordable housing project on land identified on the Official Tax Map of the City of Newark as Block 389.01, Lot 8, more commonly known and identified by the street address of 17 Greek Way, Newark, New Jersey (the "Property") pursuant to the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et. seq.; and
WHEREAS, during the time period when the tax abatement application was pending with the City, NJIT Warren Lot 8 Urban Renewal LLC commenced construction of the project so that the housing units being constructed on the property would be ready for occupancy by NJIT students as of the beginning of the 2013-2014 school year; and
WHEREAS, due to delays in processing the tax abatement application caused by the unique nature of the project and its inter-relationship to multiple other projects collectively known as the NJIT Greek Village Project, the legislation granting a long term tax abatement for this project was not previously ready to be presented to the Newark Municipal Council for its consideration; and
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