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AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO BOCER ASSOCIATES URBAN RENEWAL, LLC, 300 WILSON AVENUE, NEWARK, NEW JERSEY 07105, FOR A PROJECT TO CONSTRUCT A FIVE (5) STORY BUILDING CONSISTING OF THIRTY-FIVE (35) MARKET RATE RESIDENTIAL UNITS, A PRE-SCHOOL / DAY CARE AND APPROXIMATELY FIFTY (50) PARKING SPACES ON REAL PROPERTY KNOWN AS 360 NEW YORK AVENUE, 54-62 HOUSTON STREET AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 996, LOTS 1, 2, 3 AND 60 (East Ward).
Sponsors: Chaneyfield Jenkins/ Ramos
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WHEREAS, BOCER Associates Urban Renewal, LLC, 300 Wilson Avenue, 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 twenty (20) year term for a project to construct a five (5) story building consisting of (i) thirty-five (35) market rate residential rental units and amenity space, (ii) a pre-school/day care and (iii) approximately 50 parking spaces on real property known as 360 New York Avenue and 54-62 Houston Street Newark, New Jersey and identified on the City's tax map as Block 996, Lots 1, 2, 3 and 60 (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, BOCER Associates 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 Municipal Council has determined, pursuant to N.J.S.A. 40A:20-1, 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 B...
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