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AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX EXEMPTION TO FLEET 216 MARKET ST URBAN RENEWAL LLC, THE OWNER OF A RESIDENTIAL/RETAIL PROJECT LOCATED ON PROPERTY IDENTIFIED ON THE OFFICIAL TAX MAP AS BLOCK 164, LOTS 31, 32 AND 81, MORE COMMONLY KNOWN AS 216 MARKET STREET AND 218-220 MARKET STREET. (East Ward)
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WHEREAS, Fleet 216 Market St Urban Renewal LLC, c/o The Fidelco Realty Group, 225 Millburn Avenue, Suite 202, Millburn, New Jersey 07041, filed an application with the Mayor seeking a long term tax exemption for the residential/retail project on land identified on the Official Tax Map of the City of Newark as Block 164, Lots 31, 32 and 81, and more commonly known and identified by the street address of 216 Market Street and 218-220 Market 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 Entity has filed with the City a sworn statement that it has not made any contribution in violation of said ordinance; and
WHEREAS, the Central Planning Board granted preliminary and final site plan approval for this mixed use residential/retail project on October 24, 2011; and
WHEREAS, twenty percent (20%) of the residential units constructed for the project shall be set aside for use by low and moderate income households (as such terms are defined under N.J.S.A. 52:27D-304) and shall be subject to affordability controls as required under the rules of the Council on Affordable Housing; 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 ...
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