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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO BROAD HILL PARTNERS URBAN RENEWAL, LLC., 334-336 EAST 110TH STREET, NEW YORK, NEW YORK 10029, FOR A PROJECT TO CONSTRUCT A FIVE (5) STORY MIXED USE BUILDING CONSISTING OF (I) FORTY-SIX (46) AFFORDABLE HOUSING RENTAL UNITS, (II) THIRTY-EIGHT (38) MARKET RATE RESIDENTIAL RENTAL UNITS AND (III) 9,050 SQUARE FEET OF COMMERCIAL SPACE ON REAL PROPERTY COMMONLY KNOWN AS 915-933 BROAD STREET AND IDENTIFIED ON THE TAX MAP OF THE CITY AS BLOCK 93, LOT 29. (CENTRAL WARD)
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WHEREAS, Broad Hill Partners Urban Renewal, LLC, 334-336 East 110th Street, New York, New York 10029, 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 thirty (30) year term for a project to construct a five (5) story mixed use building consisting of (i) forty-six (48) affordable housing rental units, (ii) thirty-eight (38) market rate rental housing units and (iii) 9,050 square feet of commercial space on real property commonly known as 915-933 Broad Street and identified on the tax map of the City as Block 93, Lot 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, Broad Hill Partners 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 CITYOF NEWARK, NEW JERSEY, THAT:
1. The application of Broad Hill...
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