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AN ORDINANCE GRANTING A TWENTY-THREE (23) YEAR TAX ABATEMENT TO 98 FRELINGHUYSEN REAL ESTATE URBAN RENEWAL ENTITY, LLC, 56 NEW HOOK ROAD, SUITE 2F, BAYONNE, NEW JERSEY 07002, FOR A PROJECT TO DELIVER A SITE PAD AND CONSTRUCT A ONE HUNDRED TEN (110) ROOM HOTEL ABOVE THE EXISTING PARKING GARAGE LOCATED AT 94-120 FRELINGHUYSEN AVENUE, NEWARK, NEW JERSEY, ALSO KNOWN AS 98 FRELINGHUYSEN AVENUE, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 2780, LOT 1.
Deferred 6PSF-d 032019
Deferred 6PSF-a (s) 032619
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WHEREAS, on February 6, 2013, the City adopted Ordinance 6PSF-f approving a tax abatement for 98 Frelinghuysen Real Estate Urban Renewal Entity, LLC, 56 New Hook Road, Suite 2F, Bayonne, New Jersey 07002 (the "Entity"), for a twenty (20) year term for a project to construct a parking garage located at 94-120 Frelinghuysen Avenue, Newark, New Jersey, also known as 98 Frelinghuysen Avenue, Newark, New Jersey and identified on the City's tax map as Block 2780, Lot 1; and
WHEREAS, on February 19, 2014, the City and the Entity entered into that certain Financial Agreement governing the tax abatement for the parking garage (the "Original Financial Agreement"); and
WHEREAS, the Entity, filed a new 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-three (23) year term for a project to deliver a site pad and construct a one hundred ten (110) room hotel above the existing parking garage located at 94-120 Frelinghuysen Avenue, Newark, New Jersey, also known as 98 Frelinghuysen Avenue, Newark, New Jersey and identified on the City's tax map as Block 2780, 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 Ordinance 6PSF-a adopted May 4, 2011, ...
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