Title
ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO 240 MLK URBAN RENEWAL COMPANY, LLC, 45 ACADEMY STREET, SUITE 205, NEWARK, NEW JERSEY, 07102, THE OWNER OF A PROJECT CONSISTING OF THE REHABILITATION OF AN EXISTING STRUCTURE INCLUDING THE CONSTRUCTION OF NEW ADDITIONAL FLOOR AND THE CONSTRUCTION OF A NEW FIVE (5) STORY STRUCTURE INTO A FIVE (5) STORY MARKET RATE HOUSING APARTMENT BUILDING WITH SEVENTY-SEVEN (77) RESIDENTIAL UNITS AND ONE (1) COMMERCIAL UNIT ON REAL PROPERTY KNOWN AS 93-97 JAMES STREET AND 236-250 DR. MARTIN LUTHER KING JR. BOULEVARD AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 43, LOTS 38, 41 AND 48, CENTRAL WARD.
Deferred March 2, 2016
body
WHEREAS, 240 MLK Urban Renewal Company, LLC, 45 Academy Street, Suite 205, Newark, New Jersey, 07102, 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 thirty (30) year term for a project consisting of the conversion of an existing but vacant four (4) story building into a five (5) story market rate housing apartment building with 52 units on real property commonly known as 93-97 James Street and 236-250 Dr. Martin Luther King, Jr. Boulevard, Newark, New Jersey and identified on the official tax map of the City as Block 43, Lots 38, 41, and 48 (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 adopted May 4, 2011, 240 MLK Urban Renewal Company, LLC 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...
Click here for full text