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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO NC DOUGLAS 2016 URBAN RENEWAL, LLC, 233 WEST MARKET STREET, NEWARK, NEW JERSEY 07103, FOR A PROJECT TO SUBSTANTIALLY RENOVATE AN EXISTING ONE HUNDRED THIRTY FIVE (135) LOW INCOME HOUSING UNITS LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 15-21 HILL STREET, 23-27 HILL STREET, 29 HILL STREET, 284-292 HALSEY STREET AND IDENTIFIED ON THE CITY'S TAX MAPS AS BLOCK 93, LOTS 45, 50, 52 AND 82. (CENTRAL WARD)
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WHEREAS, NC Douglas 2016 Urban Renewal, LLC, 233 West Market Street, Newark, New Jersey 07103, 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 substantially renovate an existing one hundred thirty five (135) low income housing units located on real property commonly known as 15-21 Hill Street, 23-27 Hill Street, 29 Hill Street, 284-292 Halsey Street and identified on the City's tax maps as Block 93, Lots 45, 50, 52 and 82(Central Ward) (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, NC Douglas 2016 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 NC Douglas 2016 Urban Renewal, LLC, 233 West Market Street, Newark, New Jersey 07103 (the "Entity"), for the development...
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