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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT, PURSUANT TO THE LONG TERM TAX EXEMPTION LAW N.J.S.A. 40A:20-1 ET SEQ., TO NJIT WARREN LOT 4 URBAN RENEWAL LLC, THE OWNER OF A RESIDENTIAL AFFORDABLE HOUSING PROJECT LOCATED ON PROPERTY IDENTIFIED ON THE OFFICIAL TAX MAP AS BLOCK 389.01, LOT 4, MORE COMMONLY KNOWN AS 9 GREEK WAY, NEWARK, NEW JERSEY 07102. (CENTRAL WARD)
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WHEREAS, NJIT Warren Lot 4 Urban Renewal LLC, an urban renewal entity with an address of c/o New Jersey Institute of Technology, 323 Dr. Martin Luther King, Jr. Boulevard, Department of Administration and Treasurer, Fenster Hall, Room 310, Newark, New Jersey 07102-1982, filed an application with the Mayor seeking a long term tax abatement for a residential affordable housing project on land identified on the Official Tax Map of the City of Newark as Block 389.01, Lot 4, more commonly known and identified by the street address of 9 Greek Way, 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, NJIT Warren Lot 4 Urban Renewal 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 NJIT Warren Lot 4 Urban Renewal LLC for the development, maintenance and operation of the residential affordable h...
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