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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO HVPF LINCOLN PARK TOWERS URBAN RENEWAL, LLC, 200 VESEY STREET, 24TH FLOOR, NEW YORK, NEW YORK, 10281 FOR A PROJECT TO ACQUIRE AND REHABILITATE AN AFFORDABLE HOUSING PROJECT CONTAINING SEVENTY-NINE (79) LOW AND VERY-LOW INCOME FAMILY HOUSING UNITS AND ONE (1) SUPERINTENDENT'S UNIT, LOCATED AT 31-33 LINCOLN PARK AND 1-7 CRAWFORD STREET, NEWARK, NEW JERSEY 07102 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK AS BLOCK 119, LOTS 7 AND 25. CENTRAL WARD
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WHEREAS, HVPF Lincoln Park Towers Urban Renewal, LLC, 200 Vesey Street, 24th Floor, New York, New York, 10281, filed an application with the Mayor seeking a long term tax abatement pursuant to the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq., for a thirty (30) year term for a Project to acquire and rehabilitate an affordable housing project containing seventy-nine (79) low and very-low income family housing units and one (1) superintendent's unit, located at 31-33 Lincoln Park and 1-7 Crawford Street, Newark, New Jersey 07102 and identified on the Official Tax Map of the City of Newark, as Block 119, Lots 7 and 25 (collectively, 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 on May 4, 2011, HVPF Lincoln Park Towers Urban Renewal, LLC 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...
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