Title
AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO BERGEN STREET REDEVELOPMENT, LLC, THE OWNER OF A PROJECT CONSISTING OF THE CONSTRUCTION OF TWO (2) MIXED USE BUILDINGS CONTAINING A TOTAL OF SIXTY-SIX (66) AFFORDABLE HOUSING UNITS, PARKING AND COMMERCIAL SPACE LOCATED AT 1037-1047 AND 1057-1059 BERGEN STREET AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 3660, LOT 11 AND BLOCK 3661 LOTS 3 (5 AND 8) SOUTH WARD.
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WHEREAS, Bergen Street Redevelopment, LLC, 953 Bergen Street, Newark, New Jersey, 07112, (the "Entity") filed an application with the Mayor seeking a long term tax abatement pursuant to New Jersey Housing and Mortgage Finance Agency Law, N.J.S.A. 55:14K-1 et seq. ("HMFA Law") for a term of thirty (30) years for the construction of two (2) mixed-use buildings containing a total of sixty-six (66) affordable housing units, parking and commercial space located at 1037-1047 and 1057-1059 Bergen Street, Newark, New Jersey 07112 and identified on the official tax map of the City as Block 3660, Lot 11 and Block 3661, Lots 3 (5 and 8) (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, in accordance with Ordinance 6PSF-a 050411 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, in accordance with Resolution 7R3-b 12-1860, the City and the Entity have entered into that certain Agreement for the Sale of Land and Redevelopment (the "Purchase Agreement") whereby the City shall sell the above referenced property to the Entity; and
WHEREAS, the Municipal Council has determined 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 woul...
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