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AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO MNP MANAGEMENT URBAN RENEWAL, LLC, 27 MALVERN STREET, NEWARK, NEW JERSEY 07105, FOR A PROJECT TO CONSTRUCT A FIVE (5) STORY BUILDING CONSISTING OF NINETY-TWO (92) MARKET RATE SENIOR HOUSING (55 AND OLDER) RESIDENTIAL RENTAL UNITS, APPROXIMATELY 10,641 SQUARE FEET OF FIRST FLOOR RETAIL SPACE, PARKING AND ASSOCIATED AMENITIES, LOCATED AT 273-283 EAST KINNEY STREET, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 957, LOT 12. (EAST WARD)
Deferred 6PSF-e 111819
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WHEREAS, MNP Management Urban Renewal, LLC, 27 Malvern Street, Newark, New Jersey 07105, 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 construct a five (5) story building consisting of ninety-two (92) market rate senior housing (55 and older) residential rental units, approximately 10,641 square feet of first floor retail space, parking and associated amenities, located at 273-283 East Kinney Street, Newark, New Jersey and identified on the City's tax map as Block 957, Lot 12 (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, MNP Management Urban Renewal Company, 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 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:
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