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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX EXEMPTION TO LANTANA URBAN RENEWAL, L.P., FOR THE Development, Maintenance And Operation Of A 60 Unit RESIDENTIAL AFFORDABLE HOUSING PROJECT LOCATED WITHIN THE CENTRAL WARD ON PROPERTY IDENTIFIED ON THE CITY’S OFFICIAL TAX MAP AS BLOCK 523, LOTS 1, 3, 4, 5, 51, 54, 59, AND 60, MORE COMMONLY KNOWN AS 109-119 BROAD STREET, NEWARK, NEW JERSEY.
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WHEREAS, The Lantana Urban Renewal, L.P., an urban renewal entity with an address of 77 Park Street, Montclair, New Jersey 07402, filed an application with the Mayor seeking a long term tax exemption for the residential affordable housing project on land identified on the Official Tax Map of the City of Newark as Block 523, Lots 1, 3, 4, 5, 51, 54, 59 and 60, more commonly known and identified by the street address of 109-119 Broad Street, Newark, New Jersey (the “Property”) pursuant to the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq.; 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 No. 6PSF-a 050411 adopted May 4, 2011, The Lantana Urban Renewal, L.P. 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 exemption and that without the tax exemption 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 The Lantana Urban Renewal, L.P. for the development, maintenance and operation of the residential affordable housing project described in the application is hereby approved in accordance with the recommendation of the May...
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