TITLE
AN ORDINANCE AMENDING ORDINANCE 6PSF-g, ADOPTED ON JANUARY 9, 2019, TAX ABATEMENT GRANTED TO DUKE REALTY NEWARK URBAN RENEWAL, LLC, 600 EAST 96TH STREET, SUITE 100, INDIANAPOLIS, INDIANA 46240, PURSUANT TO THE LONG TERM TAX EXEMPTION LAW, TO INCLUDE A COMMUNITY BENEFIT CONTRIBUTION INTENDED, BUT MISTAKENLY OMITTED FROM THE FINANCIAL AGREEMENT FOR A PROJECT TO CONSTRUCT A NEW, STATE OF THE ART 661,539 SQUARE FOOT INDUSTRIAL WAREHOUSE BUILDING (INCLUDING APPROXIMATELY 20,000 SQUARE FEET OF OFFICE SPACE) LOCATED AT 429 DELANCY STREET, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 5042, LOT 15.01. (EAST WARD)
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WHEREAS, on January 9, 2019, the Newark Municipal Council adopted Ordinance 6PSF-g (the "Ordinance", a copy of which is attached hereto as Exhibit A) granting a twenty-five (25) year tax abatement to Duke Realty Newark Urban Renewal, LLC, an urban renewal entity qualified to do business under the provisions of the Long Term Tax Exemption Law as amended and supplemented, N.J.S.A. 40A:20-1, et seq. (the "Long Term Tax Exemption Law"), with an address of 600 East 96th Street, Suite 100, Indianapolis, Indiana 46240 (the "Entity"), for a project to construct a new, state of the art 661,539 square foot industrial warehouse building (including approximately 20,000 square feet of office space) located at 429 Delancy Street, Newark, New Jersey and identified on the City's tax map as Block 5042, Lot 15.01 (the "Project"); and
WHEREAS, the Parties entered into that certain Financial Agreement, dated April 1, 2019, (the "Financial Agreement"), a copy of which is attached hereto as Exhibit B); and
WHEREAS, after the execution of the Financial Agreement, the Parties discovered that they had failed to include a mutually agreed upon, substantive provision therein, whereby the Entity would make a one-time contribution to the City in the amount of Three Hundred Thousand Dollars and Zero Cents ($300,000.00) to compensate the C...
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