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AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO 34 CLINTON URBAN RENEWAL, LLC, 45 ACADEMY STREET, 5TH FLOOR, NEWARK, NEW JERSEY 07102, FOR A PROJECT TO CREATE (29) MARKET RATE RESIDENTIAL RENTAL UNITS AND APPROXIMATELY 820 SQUARE FEET OF RETAIL LOCATED AT 34 CLINTON STREET, NEWARK, NEW JERSEY 07102 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 145, LOT 66 AND A PORTION OF LOT 62 (WHICH, UPON SUBDIVISION APPROVAL, IS EXPECTED TO BE RE-DESIGNATED AS BLOCK 145, LOT 66.01). (CENTRAL WARD)
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WHEREAS, 34 Clinton Urban Renewal, LLC, 45 Academy Street, 5th Floor, Newark, New Jersey 07102, 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 create twenty-nine (29) market rate residential rental units and approximately 820 square feet of retail located at 34 Clinton Street, Newark, New Jersey 07102 and currently identified on the Official Tax Map of the City of Newark, as Block 145, Lot 66 and a portion of Lot 62 (which, upon subdivision approval, is expected to be re-designated as Block 145, Lot 66.01) (collectively, 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, 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 CITY OF NEWARK, NEW JERSEY, THAT:
1. The application of 34 Clinton Urban Renewal, LLC, 45 Academy Street, 5th Floor, Newark, New Jersey 07102 ...
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