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AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO HARI NEWARK URBAN RENEWAL, LLC, THE OWNER OF A PROJECT CONSISTING OF THE CONVERSION OF AN EXISTING TWELVE (12) STORY BUILDING INTO A FULL-SERVICE EXTENDED STAY HOTEL WITH 110 ROOMS LOCATED ON PROPERTY KNOWN AS 1136-1166 RAYMOND BOULEVARD AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 144.01, LOT 46.01, C1A. (CENTRAL WARD)
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WHEREAS, Hari Newark Urban Renewal, LLC, 42 Bellavista Court, Edison, New Jersey 08820, filed an application with the Mayor seeking a long term tax abatement under the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et. seq. for a twenty (20) year term for a project consisting of the conversion of an existing twelve (12) story building, formerly known as the Catholic Charities building, into a full-service Homewood Suites Hotel by Hilton with approximately 110 rooms on real property commonly known as 1136-1166 Raymond Boulevard, Newark, New Jersey and identified on the City's tax map as Block 144.01, Lot 46.01, C1A (the "Project"); and
WHEREAS, the Mayor has submitted the application and proposed Financial Agreement to the City 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, Hari Newark 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 City 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 CITY COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The application of Hari Newark Urban Renewal, LLC, 42 Bellavist Court, Edison, New Jersey 08820, for the development, maintenance and operation of the P...
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