Title
AN ORDINANCE GRANTING A FIFTEEN (15) YEAR TAX ABATEMENT TO NEWARK ENERGY CENTER URBAN RENEWAL LLC, THE OWNER OF AN INDUSTRIAL PROJECT LOCATED ON PROPERTY IDENTIFIED ON THE OFFICIAL TAX MAP AS 921-979 DELANCY STREET, NEWARK, NEW JERSEY BLOCK 5074, LOT 25, MORE COMMONLY KNOWN AS 955 DELANCY STREET. (EAST WARD)
Sponsors: Amador and Crump
No Action Taken, June 18, 2014
body
WHEREAS, Newark Energy Center Urban Renewal LLC, an urban renewal entity with an address of ONE Hess Plaza, Woodbridge, New Jersey 07095, filed an application with the Mayor seeking a long term tax abatement for an industrial project to construct a power plant on land identified on the Official Tax Map of the City of Newark as Block 5074, Lot 25, more commonly known and identified by the street address of 921-979 Delancy Street, 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 adopted May 4, 2011, Newark Energy Center 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 Newark Energy Center Urban Renewal LLC, One Hess Plaza, Woodbridge, New Jersey 07905 for the industrial project, at 921-979 Delancy Street, Newark, New Jersey: Block 5074, Lot 25, consisting of the construction of a power plant,,development, m...
Click here for full text