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File #: 18-1769    Version: 1 Name: Center City 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 CENTER CITY APARTMENTS URBAN RENEWAL, LLC, 122 E 42nd STREET, SUITE 4900, NEW YORK, NEW YORK 10168, FOR A PROJECT TO REHABILITATE TWO (2) BUILDINGS CONTAINING FORTY-NINE (49) AFFORDABLE HOUSING UNITS, LOCATED AT 76-80 COURT STREET AND 40-44 W. KINNEY STREET, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 100, LOT 14 AND BLOCK 116, LOTS 18 AND 20. (CENTRAL WARD)
Sponsors: Council of the Whole
Title
AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO CENTER CITY APARTMENTS URBAN RENEWAL, LLC, 122 E 42nd STREET, SUITE 4900, NEW YORK, NEW YORK 10168, FOR A PROJECT TO REHABILITATE TWO (2) BUILDINGS CONTAINING FORTY-NINE (49) AFFORDABLE HOUSING UNITS, LOCATED AT 76-80 COURT STREET AND 40-44 W. KINNEY STREET, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 100, LOT 14 AND BLOCK 116, LOTS 18 AND 20. (CENTRAL WARD)

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WHEREAS, Center City 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 two (2) buildings containing forty-nine (49) affordable housing units, including, without limitation, installation of new kitchens, baths, radiators, boilers, hot water heaters and elevators, located at 76-80 Court Street and 40-44 W. Kinney Street, Newark, New Jersey and identified on the City's tax map as Block 100, Lot 14 and Block 116, Lots 18 and 20 (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, Center City 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 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 Center City Apartm...

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