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File #: 19-1167    Version: 1 Name: 30 Clinton Tax Abatement
Type: Ordinance Status: Pending
File created: 7/11/2019 In control: Economic and Housing Development
On agenda: 12/4/2019 Final action:
Title: AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR TAX ABATEMENT TO 30 CLINTON URBAN RENEWAL, LLC, C/O PARAMOUNT ASSETS, LLC, 45 ACADEMY STREET, 5TH FLOOR, NEWARK, NEW JERSEY 07102, FOR A PROJECT TO REHABILITATE AN EXISTING SIX (6) STORY BUILDING AND CREATE TWENTY (20) MARKET RATE RESIDENTIAL RENTAL UNITS AND 4,000 SQUARE FEET OF RETAIL SPACE, LOCATED AT 30-32 CLINTON STREET, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 145, LOT 68. (CENTRAL WARD) DEFERRED 8.a 120419 DEFERRED 9.a 121819 DEFERRED 9.a 010820
TITLE
AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR TAX ABATEMENT TO 30 CLINTON URBAN RENEWAL, LLC, C/O PARAMOUNT ASSETS, LLC, 45 ACADEMY STREET, 5TH FLOOR, NEWARK, NEW JERSEY 07102, FOR A PROJECT TO REHABILITATE AN EXISTING SIX (6) STORY BUILDING AND CREATE TWENTY (20) MARKET RATE RESIDENTIAL RENTAL UNITS AND 4,000 SQUARE FEET OF RETAIL SPACE, LOCATED AT 30-32 CLINTON STREET, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 145, LOT 68. (CENTRAL WARD)
DEFERRED 8.a 120419
DEFERRED 9.a 121819
DEFERRED 9.a 010820
body

WHEREAS, 30 Clinton Urban Renewal, LLC, c/o Paramount Assets, LLC, 45 Academy Street, 5th Floor, 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 twenty-five (25) year term for a project to rehabilitate an existing six (6) story building and create twenty (20) market rate residential rental units and 4,000 square feet of retail space located at 30-32 Clinton Street, Newark, New Jersey and identified on the City's tax map as Block 145, Lot 68 (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, 30 Clinton 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 proposed 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 application of 30 Clinton Urban Renewal, LLC, c/o Paramount Assets, LL...

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