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ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO RNJ NEVADA URBAN RENEWAL, LLC FOR AN APARTMENT COMPLEX LOCATED ON PROPERTY COMMONLY KNOWN AS 987-997 BROAD STREET (ALSO KNOWN AS 2 NEVADA) AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 111, LOT 76
Sponsors: Chaneyfield Jenkins / Crump
PUBLIC HEARING WILL BE HEARD ON MUNICIPAL COUNCIL SPECIAL MEETING, DECEMBER 23, 2014
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WHEREAS, RNJ Nevada Urban Renewal, LLC, c/o Jonathan Rose Companies, 551 Fifth Avenue, 23rd Floor, New York, NY 10176, filed an application with the Mayor seeking a long term tax abatement pursuant to Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq., ("LTTEL") for a thirty (30) year term for 987-997 Broad Street (aka 2 Nevada Street), Newark, New Jersey 07102 and identified on the official tax map of the City as Block 111, Lot 76, (the "Property"), consisting of the acquisition and renovation of 306 affordable housing units with emphasis on the following: window replacement and elevator replacement (the "Project"); 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, RNJ Nevada Urban Renewal, LLC has filed with the City a sworn statement that it has not made any contribution in violation of the City's Pay-to-Play 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 exemption 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 RNJ Nevada Urban Renewal, LLC for the construction of the Project described in the application is hereby approved in accordance with the recommendation of the Mayor.
2. The ab...
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