Title
AN ORDINANCE GRANTING A FIFTEEN (15) YEAR TAX ABATEMENT TO 50 MOUNT PROSPECT GARDENS URBAN RENEWAL LLC, OF CEDAR GROVE, NEW JERSEY 07009, FOR A PROJECT TO CONSTRUCT A FOUR (4) STORY BUILDING CONSISTING OF TWENTY-EIGHT (28) MARKET RATE RESIDENTIAL RENTAL UNITS, SEVEN (7) AFFORDABLE HOUSING UNITS IN ACCORDANCE WITH CITY'S INCLUSIONARY ZONING ORDINANCE 6PSF-B, ADOPTED ON OCTOBER 4, 2017, AND ASSOCIATED PARKING, LOCATED ON AT 905-913 MT. PROSPECT AVENUE, NEWARK, NEW JERSEY 07104 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK AS BLOCK 841, LOTS 26 AND 37. (NORTH WARD)
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WHEREAS, 50 Mount Prospect Gardens Urban Renewal LLC, of Cedar Grove, New Jersey 07009, 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 fifteen (15) year term for a project to construct a four (4) story building consisting of twenty-eight (28) market rate residential rental units, seven (7) affordable housing units in accordance with City's Inclusionary Zoning Ordinance 6PSF-b, duly adopted October 4, 2017, and associated parking, located on real property commonly known as 905-913 Mt. Prospect Avenue, Newark, New Jersey 07104 and identified on the Official Tax Map of the City of Newark as Block 841, Lots 26 and 37 (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, 50 Mount Prospect Gardens 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 of the City of Newark has determined, pursuant to N.J.S.A. 40A:20-11, that the relative benefits of this Project outweighs any costs associated with this proposed tax abatement and that without the tax abatement gran...
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