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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO WEEQUAHIC PRESERVATION LLC, HAVING ITS PRINCIPAL OFFICE AT 1865 PALMER AVENUE, SUITE 203, LARCHMONT, NEW YORK 10538, FOR A PROJECT TO REHABILITATE TWO HUNDRED SIXTY-EIGHT (268) UNITS OF AFFORDABLE HOUSING LOCATED AT 507-519 ELIZABETH AVENUE IN THE SOUTH WARD IN NEWARK AND IDENTIFIED ON THE CITY'S TAX MAPS AS BLOCK 3637, LOT 106.
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WHEREAS, Weequahic Preservation LLC, 1865 Palmer Avenue, Suite 203, Larchmont, New York 10538 (the "Entity"), filed an application with the City of Newark (the "City") seeking a long term tax abatement pursuant to the New Jersey Housing and Mortgage Finance Agency Law of 1983, as amended and supplemented (N.J.S.A. 55:14K-1 et seq., (the "HMFA Law"), for a thirty (30) year term for a project to rehabilitate two hundred sixty-eight (268) units of affordable housing located at 507-519 Elizabeth Avenue, Newark, New Jersey and identified on the City's tax maps as Block 3637, Lot 106 (South Ward) (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, Weequahic Preservation, LLC has filed with the City a sworn statement that it has not made any contribution in violation of said ordinance; and
WHEREAS, the City has determined 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 Weequahic Preservation, LLC, 1865 Palmer Avenue, Suite 203, Larchmont, New York 10538 (the "Entity"), for the rehabilitation of the Project described in the application is hereby approved in accordance with the recomme...
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