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File #: 18-1768    Version: 1 Name: Irvine Turner Apartments Tax Abatement Application
Type: Ordinance Status: Adopted
File created: 11/8/2018 In control: Economic and Housing Development
On agenda: 2/20/2019 Final action: 3/20/2019
Title: AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO IRVINE TURNER APARTMENTS URBAN RENEWAL, LLC, 122 E. 42nd STREET, SUITE 4900, NEW YORK, NEW YORK 10168, FOR A PROJECT TO REHABILITATE FOUR (4) BUILDINGS CONTAINING NINETY-FOUR (94) AFFORDABLE HOUSING UNITS, LOCATED AT 385-391, 393-395, 396-402, 397-403, AND 416-432 IRVINE TURNER BOULEVARD, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAPS AS BLOCK 2675, LOTS 40, 41, 44, BLOCK 2678, LOT 16 AND BLOCK 2693, LOT 7. (SOUTH WARD)
Sponsors: Council of the Whole
Title
AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO IRVINE TURNER APARTMENTS URBAN RENEWAL, LLC, 122 E. 42nd STREET, SUITE 4900, NEW YORK, NEW YORK 10168, FOR A PROJECT TO REHABILITATE FOUR (4) BUILDINGS CONTAINING NINETY-FOUR (94) AFFORDABLE HOUSING UNITS, LOCATED AT 385-391, 393-395, 396-402, 397-403, AND 416-432 IRVINE TURNER BOULEVARD, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAPS AS BLOCK 2675, LOTS 40, 41, 44, BLOCK 2678, LOT 16 AND BLOCK 2693, LOT 7. (SOUTH WARD)

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WHEREAS, Irvine Turner Apartments Urban Renewal, LLC, 122 E. 42nd Street, Suite 4900, New York, New York 10168, 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 rehabilitate four (4) buildings containing ninety-four (94) affordable housing units, including, without limitation, installation of new kitchens, baths, radiators, boilers, hot water heaters, elevators and construction of a new community building on one of the existing parking lots, located at 385-391, 393-395, 396-402, 397-403, and 416-432 Irvine Turner Boulevard, Newark, New Jersey and identified on the City's tax map as Block 2675, Lots 40, 41, 44, Block 2678, Lot 16 and Block 2693, Lot 7 (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, Irvine Turner Apartments 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 grant...

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