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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO CHERRY PARK URBAN RENEWAL COMPANY LLC, 480 NORTH 4TH STREET, NEWARK, NEW JERSEY 07107, THE OWNER OF A RESIDENTIAL RENTAL PROJECT LOCATED ON PROPERTY LOCATED AT 144-178 SYLVAN AVENUE AND IDENTIFIED ON THE OFFICIAL TAX MAP AS BLOCK 839.01, LOT 32 (NORTH WARD)
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WHEREAS, Cherry Park Urban Renewal Company LLC, 480 North 4th Street, Newark, New Jersey 07107, filed an application with the Mayor seeking a long term tax abatement for the residential rental project consisting of two (2) three-story buildings with ninety-six (96) units of housing, fifteen (15) for low and moderate income residents on property commonly known as 144-178 Sylvan Avenue, Newark, New Jersey and identified on the official tax map of the City as Block 839.01, Lot 32 (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 adopted May 4, 2011, Cherry Park Urban Renewal Company LLC 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 abatement 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 Cherry Park Urban Renewal Company, LLC for the development, maintenance and operation of the residential rental project consisting of two (2) three-story buildings with ninety-six (96) units of housing, fifteen (15) for low and moderate income residents an...
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