Title
AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO LINCOLN TOWERS URBAN RENEWAL, LP UNDER THE LONG TERM TAX EXEMPTION LAW FOR A RESIDENTIAL RENTAL SENIOR AFFORDABLE HOUSING PROJECT ON PROPERTY COMMONLY KNOWN AS 63-91 LINCOLN STREET AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 2528, LOT 60.01
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WHEREAS, Lincoln Towers Urban Renewal, LP, with an address of c/o Newark Housing Authority, 500 Broad Street, Newark, NJ 07102, has filed an application with the Mayor 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") seeking a tax abatement for a thirty (30) year term for a residential rental senior affordable housing project on real property commonly known as 63-91 Lincoln Street and 151-161 Court Street, Newark, New Jersey 07103 and identified on the official tax map of the City as Block 2528, Lot 60.01, as more particularly described within the metes and bounds description submitted with the application (the "Property"); 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, Lincoln Towers Urban Renewal, 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 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 Lincoln Towers Urban Renewal, LP for the development, maintenance and operation of the residential rental senior affordable housing proje...
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