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[AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO HAMPTON VALLEY URBAN RENEWAL, LP THE OWNER OF THE PROPERTY COMMONLY KNOWN AS 122-136 ELIZABETH AVENUE AND 106-188 ELIZABETH AVENUE IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 2777, LOT 1 AND BLOCK 2784, LOT 3,FOR THE REHABILITATION OF EIGHTY-NINE (89) AFFORDABLE HOUSING UNITS. SOUTH WARD]
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WHEREAS, Hampton Valley Urban Renewal Limited Partnership, 1801 E. 9th Street, Suite 1505, Cleveland, Ohio 44114, 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 122-136 Elizabeth Avenue and 106-118 Elizabeth Avenue, Newark, New Jersey and identified on the City's tax map as Block 2777, Lot 1 and Block 2784, Lot 3 respectively (the "Property"), consisting of the rehabilitation of eighty-nine (89) affordable housing units located on the Property (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, Hampton Valley Urban Renewal Limited Partnership 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 Hampton Valley Urban Renewal Limited Partnership, 1801 E. 9th Street, Suite 1505, Cleveland, Ohio 44114, for the rehabilitation of the Project at 122-136 Elizabeth Avenue Block 2777, Lot 1 and 106-108 Elizabeth Avenue, Block 2784, Lot 3 and furth...
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