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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO 650 SPRINGFIELD AVE URBAN RENEWAL, LLC, 61 DEANS LANE, MONMOUTH, NEW JERSEY 08852, FOR A PROJECT TO ACQUIRE AND RENOVATE A FOUR (4) STORY BUILDING INTO FIFTY-NINE (59) AFFORDABLE HOUSING RENTAL UNITS LOCATED AT 650-656 SPRINGFIELD AVENUE, 708 SOUTH 17TH STREET AND 724-726 SOUTH 17TH STREET AND 47-55 19TH AVENUE AND IDENTIFIED ON THE CITY'S TAX MAPS AS BLOCK 364, LOTS 1, 2, 21, 22, 24, 26, 27, 28 AND 29. (SOUTH WARD)
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WHEREAS, on January 26, 2017, 650 Springfield Ave Urban Renewal, LLC, 61 Deans Lane, Monmouth, New Jersey 08852 (the "Entity") filed an application with the Mayor seeking a long term tax abatement pursuant to the Long Term Tax Exemption Law (N.J.S.A. 40A:20A-1 et seq., (the "LTTE Law"), for a thirty (30) year term for a project to acquire and renovate a four (4) story building into fifty-nine (59) affordable housing rental units located at 650-656 Springfield Avenue, 708 South 17th Street and 724-726 South 17th Street and 47-55 19th Avenue and identified on the City's tax maps as Block 364, Lots 1, 2, 21, 22, 24, 26, 27, 28 and 29 (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, the Entity 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 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 the Entity and the acquisition and renovation of the Project described in the application i...
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