Title
AN ORDINANCE GRANTING A FIFTEEN (15) YEAR TAX ABATEMENT TO BRYANT PARK URBAN RENEWAL LLC FOR A PROJECT TO REHABILITATE AND CONVERT A VACANT FORMER HOSPITAL CENTER INTO TWENTY THREE (23) AFFORDABLE HOUSING RESIDENTIAL RENTAL UNITS AND FOUR (4) COMMERCIAL UNITS ON REAL PROPERTY KNOWN AS 536-540 CENTRAL AVENUE AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 1827, LOT 1 (WEST WARD).
Deferred 6F-a 011917
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WHEREAS, Bryant Park Urban Renewal LLC, 470 Washington Street, 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 fifteen (15) year term for a project to rehabilitate and convert a vacant former hospital center into a twenty three (23) affordable housing residential units and four (4) commercial units, located on real property commonly known as 536-540 Central Avenue, Newark, New Jersey and identified on the City's tax map as Block 1827, Lot 1 (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, Bryant Park 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:20-11 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 Bryant Park Urban Renewal, LLC, 470 Washington Street, Newark, New Jersey 07102 (the "Entity"), for the development, maintenance and operation of the Project described in the ...
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