Title
AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO GARDEN SPIRES URBAN RENEWAL, L.P., THE OWNER OF AN APARTMENT COMPLEX LOCATED ON PROPERTY COMMONLY KNOWN AS 175 FIRST STREET AND 195 FIRST STREET AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 1913, LOT 2 (CENTRAL WARD)
Sponsors: Chaneyfield Jenkins/ Osborne
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WHEREAS, Garden Spires Urban Renewal, L.P., c/o Omni America, LLC, having its principal office at 885 Second Avenue, Floor 31, New York, NY 10017, 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., ("LTTE") for a thirty (30) year term for the renovation of 544 affordable housing units within existing buildings (the "Project") located at 175 First Street, and 195 First Street, Newark, New Jersey 07107 and identified on the City's tax map as Block 1913, Lot 2 (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, Garden Spires Urban Renewal, L.P. 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 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 Garden Spires Urban Renewal, L.P., c/o Omni America, LLC, having its principal office at 885 Second Avenue, Floor 31, New York, NY 10017, for the acquisition and rehabilitation of the Project described in the application is hereby approved in accorda...
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