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File #: 18-1422    Version: 1 Name: Duke Realty Tax Abatement
Type: Ordinance Status: Adopted
File created: 9/7/2018 In control: Economic and Housing Development
On agenda: 12/19/2018 Final action: 1/9/2019
Title: AN ORDINANCE GRANTING A TWENTY- FIVE (25) YEAR TAX ABATEMENT TO DUKE REALTY URBAN RENEWAL, LLC, 429 DELANCY STREET, NEWARK, NEW JERSEY 07105, FOR A PROJECT TO CONSTRUCT A NEW, STATE OF THE ART APPROXIMATELY 661,539 SQUARE FOOT INDUSTRIAL WAREHOUSE BUILDING (INCLUDING APPROXIMATELY 20,000 SQUARE FEET OF OFFICE SPACE) LOCATED AT 429 DELANCY STREET, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 5042, LOT 15.01. (EAST WARD)
Sponsors: Augusto Amador, Carlos M. Gonzalez
Attachments: 1. 18-1422 certified ordinance
Title
AN ORDINANCE GRANTING A TWENTY- FIVE (25) YEAR TAX ABATEMENT TO DUKE REALTY URBAN RENEWAL, LLC, 429 DELANCY STREET, NEWARK, NEW JERSEY 07105, FOR A PROJECT TO CONSTRUCT A NEW, STATE OF THE ART APPROXIMATELY 661,539 SQUARE FOOT INDUSTRIAL WAREHOUSE BUILDING (INCLUDING APPROXIMATELY 20,000 SQUARE FEET OF OFFICE SPACE) LOCATED AT 429 DELANCY STREET, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 5042, LOT 15.01. (EAST WARD)

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WHEREAS, Duke Realty Urban Renewal, LLC, 429 Delancy Street, Newark, New Jersey 07105, 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 five (25) year term for a project to construct a new, state of the art approximately 661,539 square foot industrial warehouse building (including approximately 20,000 square feet of office space) located at 429 Delancy Street, Newark, New Jersey and identified on the City's tax map as Block 5042, Lot 15.01 (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, Duke Realty 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 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 Duke Realty Urban Renewal, LLC, 429 Delancy Street, Newark, New Jersey 07105, (the "Entity"), for the development, maintenance ...

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