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AN ORDINANCE GRANTING A FIFTEEN (15) YEAR TAX ABATEMENT TO THREE PENN PLAZA PROPERTY HOLDINGS URBAN RENEWAL, LLC, THE OWNER OF A COMMERCIAL PROJECT ON PROPERTY LOCATED AT THREE PENN PLAZA EAST, 943-973 RAYMOND BOULEVARD AND IDENTIFIED ON THE OFFICIAL TAX MAP AS BLOCK 170, LOT 13. (EAST WARD)
Sponsors: Amador and Gonzalez
No Action Taken, June 18, 2014
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WHEREAS, Three Penn Plaza Property Holdings Urban Renewal, LLC, 3 Penn Plaza East, 943-973 Raymond Blvd., Newark, New Jersey 07105 (the "Entity"), filed an application with the Mayor seeking a long term tax abatement under the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et. seq. (the "LTTE") for a commercial project on real property located at Three Penn Plaza, 943-973 Raymond Blvd., Newark, New Jersey 07105 and identified on the official tax map of the City as Block 170, Lot 13 (the "Property"), consisting of the substantial rehabilitation of fourteen (14) floors of the existing office building on the Property, including base building improvements, new roof construction, the installation of new high-efficiency windows and lighting, and vertical transportation (elevator) improvements, all as described more fully within the application (collectively, the "Project");
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, 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 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 CIT...
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