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AN ORDINANCE GRANTING A FIFTEEN (15) YEAR TAX ABATEMENT TO TELEPHONE HEIGHTS URBAN RENEWAL ASSOCIATES, L.P., FOR THE REHABILITATION OF AN EXISTING AFFORDABLE PROJECT ON REAL PROPERTY KNOWN AS 176 AVON AVENUE AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 2660, LOT 6, SOUTH WARD.
Sponsors: James/ Osborne
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WHEREAS, Telephone Heights Urban Renewal Associates, L.P., 77 Park Street, Montclair, New Jersey 07042, 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 fifteen (15) year term for the rehabilitation of an existing affordable housing project, including without limitation, bathroom and kitchen upgrades and energy efficiency improvements, located on real property commonly known as 176 Avon Avenue, Newark, New Jersey and identified on the City's tax map as Block 2660, Lot 6, South Ward (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 6PSF-a adopted May 4, 2011, BRP 440 WS 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 MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The application of Telephone Heights Urban Renewal Associates, L.P., 77 Park Street, Montclair, New Jersey 07042 (the "Entity"), for the development, maintenance and operation of the Project described in the application is hereby approved in accordance with the recommendat...
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