Title
AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO MONTGOMERY TWO HOUSING URBAN RENEWAL, LLC, C/O PENNROSE PROPERTIES, 230 WYOMING AVENUE, KINGSTON, PENNSYLVANIA 18704 THE OWNER OF A MIXED USE PROJECT LOCATED ON PROPERTY COMMONLY KNOWN AS 645-715 DR. MARTIN LUTHER KING, JR. BOULEVARD AND IDENTIFIED ON THE OFFICIAL TAX MAP AS BLOCK 2559, LOTS 7 AND 47. (CENTRAL WARD)
Sponsors: Councilmembers Sharif/Gonzalez
Deferred 6PSF-a 021914/ Public Hearing Open
Deferred 6PSF-a (s) 022514/ Public Hearing Open
Deferred 6PSF-b 030514/ Public Hearing Open
Deferred 6PSF-b 031914/ Public Hearing Open
Deferred 6PSF-b 040214/ Public Hearing Open
Deferred 6PSF-b 041614/ Public Hearing Open
Deferred 6PSF-a 050714/ Public Hearing Open
Tabled 6PSF-a 052014
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WHEREAS, Montgomery Two Housing Urban Renewal, LLC, with an address of c/o Pennrose Properties, 230 Wyoming Avenue, Kingston, Pennsylvania 18704 (the "Entity"), filed an application with the Mayor seeking a long term tax abatement for a mixed use project consisting of the construction of approximately one hundred fifty four (154) affordable housing units and approximately 7,000 square feet of commercial/retail space (the "Project") on property commonly known as 645-715 Dr. Martin Luther King, Jr. Boulevard, Newark, New Jersey and identified on the official tax map of the City as Block 2559, Lots 7 and 47 (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 6PSF-a, 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 Municipal Council has determined pursuant to N.J.S.A. 40A:20-11 that the relative benefits of this Proje...
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