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AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO 274 CENTRAL AVENUE URBAN RENEWAL LLC, 72 EAST SHERBROOKE PARKWAY, LIVINGSTON, NEW JERSEY 07039, FOR A PROJECT TO REHABILITATE AND CONVERT A VACANT AUTOMOBILE REPAIR SHOP INTO A MULTI-FAMILY RESIDENTIAL USE CONSISTING OF TWENTY- ONE (21) MARKET RATE RENTAL UNITS LOCATED AT 268-272 CENTRAL AVENUE, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 398. LOT 1. (CENTRAL WARD)
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WHEREAS, 274 Central Avenue Urban Renewal, LLC, 72 East Sherbrooke Parkway, Livingston, New Jersey 07039, 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 twenty (20) year term for a project to rehabilitate and convert a vacant automobile repair shop into a multi-family residential use consisting of twenty-one (21) market rate rental units located at 268-272 Central Avenue, Newark, New Jersey and identified on the City's tax map as Block 398, 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 Ordinance6PSF-a adopted May 4, 2011, 274 Central Avenue 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 Department of Economic and Housing Development has determined pursuant to N.J.S.A. 40A:20-11 that the relative benefits of this Project outweighs 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 274 Central Avenue Urban Renewal, LLC, 72 East Sherbrooke Parkway, Livingston, New Jersey 07039 (the "Entity"), for the developmen...
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