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AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO 869 BROAD URBAN RENEWAL, LLC, 142 BROAD STREET, ELIZABETH, NEW JERSEY 07201, 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 CITY'S TAX MAP AS BLOCK 57.04, LOTS 138 AND 139. (CENTRAL WARD)
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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 twenty (20) 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 a 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 Ordinance6PSF-a adopted May 4, 2011, 869 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 Department of Economic and Housing Development 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 appl...
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