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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO PILGRIM BAPTIST VILLAGE PRESERVATION URBAN RENEWAL, LLC, HAVING ITS PRINCIPAL OFFICE AT 200 VESEY STREET, 24TH FLOOR, NEW YORK, NEW YORK 10281, FOR A PROJECT TO ACQUIRE AND REHABILITATE TWO (2) AFFORDABLE HOUSING PROJECTS CONTAINING THREE HUNDRED AND FIVE (305) RESIDENTIAL UNITS, CONSISTING OF TWO (2) SUPERINTENDENT UNITS AND THREE HUNDRED AND THREE (303) AFFORDABLE HOUSING UNITS, ALL OF WHICH AFFORDABLE HOUSING UNITS ARE AND SHALL CONTINUE TO BE AVAILABLE TO FAMILIES EARNING 60% OR LESS OF THE AREA MEDIAN INCOME, LOCATED AT 291-319 18TH AVENUE AND 143-171 AVON AVENUE, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 2571, LOT 60 AND BLOCK 2575, LOT 49. (CENTRAL WARD)
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WHEREAS, Pilgrim Baptist Village Preservation Urban Renewal, LLC, having its principal office at 200 Vesey Street, 24th Floor, New York, New York 10281, 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 thirty (30) year term for a project to acquire and rehabilitate two (2) affordable housing projects containing three hundred five (305) residential units, consisting of two (2) superintendent units and three hundred three (303) affordable housing units, all of which affordable housing units are and shall continue to be available to families earning 60% or less of the Area Median Income, located at 291-319 18th Avenue and 143-171 Avon Avenue, Newark, New Jersey and identified on the City's tax map as Block 2571, Lot 60 and Block 2575, Lot 49 (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, Pilgrim Baptist Village Preservation Urban Renewal, LLC, has filed with the City a sworn statement that it has...
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