Share to Facebook Share to Twitter Bookmark and Share
File #: 16-0776    Version: 1 Name: Revised 118-134 Adams Street LTTE
Type: Ordinance Status: Adopted
File created: 5/3/2016 In control: Economic and Housing Development
On agenda: 6/15/2016 Final action: 7/7/2016
Title: AN ORDINANCE GRANTING A FIFTEEN (15) YEAR TAX ABATEMENT TO BEACON REDEVELOPMENT URBAN RENEWAL COMPANY, LLC, FOR A PROJECT CONSISTING OF THE SUBSTANTIAL REHABILITATION OF AN ABANDONED FORMER FURNITURE MANUFACTURING FACILITY INTO A MIXED USE PROPERTY CONSISTING OF SIX (6) COMMERCIAL UNITS AND TWENTY-EIGHT (28) MARKET RATE HOUSING UNITS ON REAL PROPERTY KNOWN AS 118-134 ADAMS STREET AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 1985, LOT 17 (EAST WARD). Sponsors: Amador/ Gonzalez
Title
AN ORDINANCE GRANTING A FIFTEEN (15) YEAR TAX ABATEMENT TO BEACON REDEVELOPMENT URBAN RENEWAL COMPANY, LLC, FOR A PROJECT CONSISTING OF THE SUBSTANTIAL REHABILITATION OF AN ABANDONED FORMER FURNITURE MANUFACTURING FACILITY INTO A MIXED USE PROPERTY CONSISTING OF SIX (6) COMMERCIAL UNITS AND TWENTY-EIGHT (28) MARKET RATE HOUSING UNITS ON REAL PROPERTY KNOWN AS 118-134 ADAMS STREET AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 1985, LOT 17 (EAST WARD).
Sponsors: Amador/ Gonzalez
body


WHEREAS, Beacon Redevelopment Urban Renewal Company, LLC, 118-134 Adams Street, Newark, New Jersey 07105, 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 a project consisting of the substantial rehabilitation of an abandoned former furniture manufacturing facility into a mixed use property consisting of six (6) commercial units and twenty eight (28) market rate housing units on real property known as 118-134 Adams Street, Newark, New Jersey and identified on the City's tax map as Block 1985, Lot 17 (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, Beacon Redevelopment 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 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 Beacon ...

Click here for full text