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File #: 18-0851    Version: 1 Name: 869 Broad Street Tax Abatement
Type: Ordinance Status: Returned to Administration
File created: 5/29/2018 In control: Economic and Housing Development
On agenda: 4/3/2019 Final action: 5/1/2019
Title: AN ORDINANCE GRANTING A FIFTEEN (15) YEAR TAX ABATEMENT TO 869 BROAD URBAN RENEWAL, LLC, FOR A PROJECT TO CONVERT AN EXISTING FOUR (4) STORY RETAIL AND OFFICE BUILDING INTO A RESIDENTIAL AND RETAIL DEVELOPMENT CONSISTING OF THIRTY-SEVEN (37) MARKET RATE RESIDENTIAL RENTAL UNITS, 11,740 SQUARE FEET OF GROUND FLOOR RETAIL AND A 889 SQUARE FOOT LOBBY LOCATED AT 869-873 BROAD STREET, NEWARK, NEW JERSEY AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 57.04, LOTS 138 AND 139 (CENTRAL WARD). Deferred 8a 040319 Deferred 9a 041719
TITLE
AN ORDINANCE GRANTING A FIFTEEN (15) YEAR TAX ABATEMENT TO 869 BROAD URBAN RENEWAL, LLC, FOR A PROJECT TO CONVERT AN EXISTING FOUR (4) STORY RETAIL AND OFFICE BUILDING INTO A RESIDENTIAL AND RETAIL DEVELOPMENT CONSISTING OF THIRTY-SEVEN (37) MARKET RATE RESIDENTIAL RENTAL UNITS, 11,740 SQUARE FEET OF GROUND FLOOR RETAIL AND A 889 SQUARE FOOT LOBBY LOCATED AT 869-873 BROAD STREET, NEWARK, NEW JERSEY AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 57.04, LOTS 138 AND 139 (CENTRAL WARD).
Deferred 8a 040319
Deferred 9a 041719

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WHEREAS, 869 Broad Urban Renewal, LLC, 142 Broad Street, Elizabeth, New Jersey 07201, 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 fifteen (15) year term for a project to convert an existing four (4) story retail and office building into a residential and retail development consisting of thirty-seven (37) market rate residential rental units, 11,740 square feet of ground floor retail and an 889 square foot lobby located at 869-873 Broad Street, Newark, New Jersey and identified on the City's tax map as Block 57.04, Lots 138 and 139 (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, 869 Urban Broad 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 Municipal Council 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:

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