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AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR TAX ABATEMENT TO 40 CLINTON URBAN RENEWAL, LLC, C/O PARAMOUNT ASSETS, LLC, 45 ACADEMY STREET, 5TH FLOOR, NEWARK, NEW JERSEY 07102, FOR A PROJECT TO REHABILITATE AN EXISTING BUILDING AND CREATE TWENTY-SEVEN (27) MARKET RATE RESIDENTIAL RENTAL UNITS LOCATED AT 36-40 CLINTON STREET, NEWARK, NEW JERSEY 07102 AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 145, LOT 62. (EAST WARD)
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WHEREAS, 40 Clinton Urban Renewal, LLC, c/o Paramount Assets, LLC, 45 Academy Street, 5th Floor, Newark, New Jersey 07102, 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 rehabilitate an existing building and create twenty-seven (27) market rate residential rental units located at 36-40 Clinton Street, Newark, New Jersey and identified on the City's Official Tax Map as Block 145, Lot 62 (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, 40 Clinton 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 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 THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The application of 40 Clinton Urban Renewal, LLC, c/o Paramount Assets, LLC, 45 Academy Street, 5th Floor, Newark, New Jersey 07102 (the "Entity"), for the development, maintenance and operation of the Project described in...
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