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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX EXEMPTION TO BROADWAY GENESIS URBAN RENEWAL APARTMENTS, LP, WITH AN ADDRESS OF C/O H.E.L.P. USA, INC., 5 HANOVER SQUARE, 17TH FLOOR, NEW YORK, NEW YORK 10004, FOR RESIDENTIAL RENTAL AFFORDABLE HOUSING PROJECT ON PROPERTY IDENTIFIED ON THE OFFICIAL TAX MAP AS BLOCK 729, LOTS 36.01- 36.09, MORE COMMONLY KNOWN AS 711-715 BROADWAYUNDER THE LONG TERM TAX EXEMPTION LAW FOR A RESIDENTIAL RENTAL AFFORDABLE HOUSING PROJECT ON THE PROPERTY. (North Ward)
Deferred 6PSF-j 091912
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WHEREAS, Broadway Genesis Urban Renewal Apartments, LP, with an address of c/o H.E.L.P. USA, Inc., 5 Hanover Square, 17th Floor, New York, New York 10004, has filed an application with the Mayor seeking a long term tax exemption for a thirty (30) year term for this residential rental affordable housing project on the land identified on the official tax map as Block 729, Lots 36.01- 36.09, more commonly known as 711-715 Broadway, Newark, New Jersey, (the ”Property”) pursuant to the Long Term Tax Exemption Law as amended and supplemented, N.J.S.A., 40A:20-1, et seq. (the “Long Term Tax Exemption Law”); 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, Broadway Genesis Urban Renewal Apartments, LP 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 Broadway Genesis Urban Renewal Apartmen...
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