Title
AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO 446 ITB URBAN RENEWAL, LLC, 395 FRANKLIN STREET, BLOOMFIELD, NEW JERSEY 07003, FOR A PROJECT TO REHABILITATE A VACANT BUILDING AND CONSTRUCT APPROXIMATELY TWENTY-NINE (29) MARKET RATE RENTAL UNITS AND TWENTY-FIVE (25) PARKING SPACES, LOCATED AT 446-450 IRVINE TURNER BOULEVARD AND 140-142 RIDGEWOOD AVENUE, NEWARK, NEW JERSEY 07108 AND IDENTIFIED ON THE OFFICAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2693, LOTS 22, 36 AND 37. (SOUTH WARD)
No Action Taken 6PSF-u (s) 081721
DEFERRED 6PSF-u (s) 081921
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WHEREAS, 446 ITB Urban Renewal, LLC, 395 Franklin Street, Bloomfield, New Jersey 07003, 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 rehabilitate a vacant building and construct approximately twenty-nine (29) market rate rental units and twenty-five (25) parking spaces, located on real property commonly known as 446 Irvine Turner Boulevard and 140-142 Ridgewood Avenue, Newark, New Jersey 07108 and identified on the Official TaCity's tax map as Block 2693, Lots 22, 36 and 37 (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 on May 4, 2011, 446 ITB 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 tax abatement granted herein, the Project would not be undertaken.
NOW, THEREFORE, BE IT ORDAINED BY THE M...
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