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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO NC COMMONS 2016 URBAN RENEWAL, LLC, 233 WEST MARKET STREET, NEWARK, NEW JERSEY 07103, FOR A PROJECT TO SUBSTANTIALLY RENOVATE AN EXISTING THREE HUNDRED SEVENTY TWO (372) LOW INCOME SENIOR AND FAMILY HOUSING UNITS LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 132-148 SOUTH ORANGE AVENUE, 23-55 14TH AVENUE , 40-56 14TH AVENUE AND 228-260 HUNTERDON STREET AND IDENTIFIED ON THE CITY'S TAX MAPS AS BLOCK 239.01, LOT 80; BLOCK 241, LOT 57; BLOCK 247, LOT 50 AND BLOCK 246, LOT 44. (CENTRAL WARD)
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WHEREAS, NC Commons 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 three hundred seventy two (372) low income senior and family housing units located on real property commonly known as 132-148 South Orange Avenue, 23-55 14th Avenue 40-56 14th Avenue and 228-260 Hunterdon Street and identified on the City's tax maps as Block 239.01, Lot 80; Block 241, Lot 57; Block 247, Lot 50 and Block 246, Lot 44 (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 Commons 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 ...
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