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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO NC GARDENS 2016 URBAN RENEWAL, LLC, 233 WEST MARKET STREET, NEWARK, NEW JERSEY 07103, FOR A PROJECT TO SUBSTANTIALLY RENOVATE AN EXISTING TWO HUNDRED THIRTY FIVE (235) LOW INCOME HOUSING UNITS LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 204-218 SOUTH ORANGE AVENUE AND 14-38 14TH AVENUE AND IDENTIFIED ON THE CITY'S TAX MAPS AS BLOCK 243, LOT 1 AND BLOCK 248, LOT 1. (CENTRAL WARD)
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WHEREAS, NC Gardens 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 two hundred thirty five (235) low income housing units located on real property commonly known as 204-218 South Orange Avenue and 14-38 14th Avenue and identified on the City's tax maps as Block 243, Lot 1 and Block 248, Lot 1 (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 Gardens 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 Gardens 2016 Urban Renewal, LLC, 233 West Market Street, Newark, New Jersey 07103 (the "Entity"), for the development, maintenance and operation of the Projec...
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