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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO 306 MLK BLVD URBAN RENEWAL COMPANY, LLC, 45 ACADEMY STREET, SUITE 503, NEWARK, NEW JERSEY 07102, FOR A PROJECT TO PRESERVE AND REHABILITATE A VACANT HISTORIC STRUCTURE INTO TWENTY-ONE (21) MARKET RATE AND FOUR (4) DEED RESTRICTED AFFORDABLE RESIDENTIAL RENTAL UNITS AND 47,358 SQUARE FEET OF NON-PROFIT OFFICE AND PROGRAM SPACE LOCATED AT 292-306 DR. MARTIN LUTHER KING JR. BOULEVARD, NEWARK, NEW JERSEY 07102 AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 42, LOT 44.01. (CENTRAL WARD)
Deferred 6PSF-d 111819
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WHEREAS, 306 MLK BLVD Urban Renewal Company, LLC, 45 Academy Street, Suite 503, Newark, New Jersey 07102, 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 thirty (30) year term for a project to preserve and rehabilitate a vacant historic structure into twenty-one (21) market rate and four (4) deed restricted affordable residential rental units and 47,358 square feet of nonprofit office and program space located at 292-306 Dr. Martin Luther King Jr. Boulevard, Newark, New Jersey and identified on the City's tax map as Block 42, Lot 44.01(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, 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 abatement 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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