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AN ORDINANCE GRANTING A LONG TERM TAX EXEMPTION TO HARMONY SQUARE II URBAN RENEWAL HOUSING CO. LLC, THE OWNER OF A RESIDENTIAL/CONDOMINIUM PROJECT LOCATED ON PROPERTY IDENTIFIED ON THE OFFICIAL TAX MAP AS BLOCK 522, LOT 1, MORE COMMONLY KNOWN AS 34-48 3RD AVENUE EAST, AKA 105-107 MOUNT PLEASANT AVENUE AND 110-114 BROAD STREET, FOR A PERIOD OF THIRTY (30) YEARS FOR THE AFFORDABLE HOUSING UNITS AND FIFTEEN (15) YEARS FOR THE EMERGING MARKET UNITS. (NORTH WARD)
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WHEREAS, Harmony Square II Urban Renewal Housing Co. LLC filed an application with the Mayor seeking a long term tax exemption for the residential/condominium project on property identified on the Official Tax Map of the City of Newark as Block 522, Lot 1, more commonly known and identified by the street addresses of 105-107 Mount Pleasant Avenue and 110-114 Broad 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, 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 exemption and that without the tax exemption 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 Harmony Square II Urban Renewal Housing Co. LLC, 103 Magazine Street, Newark, New Jersey 07105, for the development, maintenance and operation of the residential/condominium project described in the application is hereby approved in accordance w...
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