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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO NC ROSEVILLE SENIOR 2016 URBAN RENEWAL, LLC., 233 WEST MARKET STREET, NEWARK, NEW JERSEY 07103, FOR A PROJECT TO SUBSTANTIALLY RENOVATE AN EXISTING ONE HUNDRED (100) LOW INCOME SENIOR HOUSING UNITS LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 2-16 9TH AVENUE AND IDENTIFIED ON THE CITY'S TAX MAPS AS BLOCK 1855, LOT 1. (WEST WARD)
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WHEREAS, NC Roseville Senior 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 (100) unit low income senior housing units located on real property commonly known as 2-16 9th Avenue, Newark, New Jersey and identified on the City's tax map as Block 1855, Lot 1. (West 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 Roseville Senior 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 Roseville Senior 2016 Urban Renewal, LLC, 233 West Market Street, Newark, New Jersey 07103 (the "Entity"), for the development, maintenance and operation of the Project described in the application is hereby approved in accordance ...
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