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AN ORDINANCE GRANTING A FIVE (5) YEAR EXTENSION OF THE TAX ABATEMENT TO CLAREMONT NEWARK URBAN RENEWAL, LLC, 1316 MADISON AVENUE, NEW YORK, NEW YORK 10128, FOR THE PROJECT COMMONLY REFERRED TO AS THE "FBI BUILDING" ON REAL PROPERTY KNOWN AS 1-33 CENTRE PLACE AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 129, LOT 1. (CENTRAL WARD)
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WHEREAS, pursuant to Resolution 7RDd adopted on June 6, 2001, the City and Claremont Newark Urban Renewal, LLC, 1316 Madison Avenue, New York, New York 10128 (the "Entity") previously executed a Financial Agreement providing a fifteen (15) year tax exemption for the Project commonly referred to as the "FBI Building" located at 1-33 Centre Place and identified on the City tax map as Block 129, Lot 1; and
WHEREAS, the Entity has undertaken certain improvements to the project; and
WHEREAS, the Entity filed an application, prior to the undertaking of any improvements, with the Mayor seeking an extension of the long term tax abatement under the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq., for an additional fifteen (15) year period; and
WHEREAS, the Mayor has submitted the application and proposed First Amendment to the 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, the Entity 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.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. While the application of Claremont Newark Urban Renewal, LLC, 1316 Madison Avenue, New Yo...
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