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AN ORDINANCE GRANTING A FIFTEEN (15) YEAR TAX ABATEMENT TO SESNAR GROUP URBAN RENEWAL, LLC, P.O. BOX 81, TAPPAN, NEW YORK 10983, FOR A PROJECT TO CONSTRUCT A NEW FIVE (5) STORY BUILDING WITH SIXTEEN (16) MARKET RATE RESIDENTIAL RENTAL UNITS AND ASSOCIATED PARKING LOCATED AT 852-854 RAYMOND BOULEVARD, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 2003, LOT 2. (EAST WARD)
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WHEREAS, Sesnar Group Urban Renewal, LLC, P.O. Box 81, Tappan, New York 10983, 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 construct a new five (5) story building with sixteen (16) market rate residential rental units and associated parking located at 852-854 Raymond Boulevard, Newark, New Jersey and identified on the City's tax map as Block 2003, Lot 2 (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, Sesnar Group 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:
1. The application of Sesnar Group Urban Renewal, LLC, P.O. Box 81, Tappan, New York 10983 (the "Entity"), for the development, maintenance and operation of the Project described in the application is hereby approved in accordance with the recommendation of the Mayor for a project to construct a ...
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