City of Newark - File #: 17-1031

• File #: 17-1031
• Version: 2
• Name: Somerset Homes Tax Abatement
• Type: Ordinance
• Status: Adopted
• File created: 5/17/2017
• In control: Economic and Housing Development
• On agenda: 11/13/2017
• Final action: 12/27/2017
• Title: AN ORDINANCE GRANTING A FIFTEEN (15) YEAR TAX ABATEMENT TO SOMERSET URBAN RENEWAL, LLC, 172 SOMERSET STREET, NEWARK, NEW JERSEY 07108, FOR A PROJECT TO ACQUIRE AND REHABILITATE THIRTY-EIGHT (38) AFFORDABLE RENTAL HOUSING UNITS LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 219-239 CLINTON AVENUE AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 2589, LOT 1. (CENTRAL WARD)
• Sponsors: Gayle Chaneyfield Jenkins, Luis A. Quintana

Date	Ver.	Action By	Action	Result
12/27/2017	2	Municipal Council	Close on Public Hearing and Adopt	Pass
12/20/2017	2	Municipal Council	Motion to Amend	Pass
12/20/2017	2	Municipal Council	Maintained on Public Hearing and Adopted as Amended	Pass
12/6/2017	1	Municipal Council	Maintained on Public Hearing and Deferred	Pass
11/13/2017	1	Municipal Council	Advance and Adopt on First Reading as 6F-	Pass

TITLE
AN ORDINANCE GRANTING A FIFTEEN (15) YEAR TAX ABATEMENT TO SOMERSET URBAN RENEWAL, LLC, 172 SOMERSET STREET, NEWARK, NEW JERSEY 07108, FOR A PROJECT TO ACQUIRE AND REHABILITATE THIRTY-EIGHT (38) AFFORDABLE RENTAL HOUSING UNITS LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 219-239 CLINTON AVENUE AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 2589, LOT 1. (CENTRAL WARD)

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WHEREAS, Somerset Urban Renewal, LLC, 172 Somerset Street, Newark, New Jersey 07108, 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 fifteen (15) year term for a project to acquire and rehabilitate thirty-eight (38) affordable rental housing units on property located on 219-239 Clinton Avenue and Identified on the City's tax map as Block 2589, Lot 1 (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, Somerset 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 Somerset Urban Renewal, LLC, 172 Somerset Street, Newark, New Jersey (the "Entity"), for the development, maintenance and operation of the Project described in the application is hereby approved in accordance with the recommendation of the Mayor to acquire and rehabilitate thirty-eight (38) affordable rental housing units on property located 21...