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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO KOMAIN PROPERTIES URBAN RENEWAL LLC, 300 WILSON AVENUE, NEWARK, NEW JERSEY 07105, FOR A PROJECT TO CONSTRUCT A NEW FIVE (5) STORY MIXED USE BUILDING CONTAINING A TOTAL OF SIXTY (60) MARKET RATE HOUSING UNITS, EIGHTY-NINE (89) PARKING SPACES AND 2,076 SQUARE FEET OF ACCESSORY AMENITY/RETAIL SPACE, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 96-112 MAIN STREET, NEWARK, NEW JERSEY 07105 AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 2057, LOT 28. (EAST WARD)
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WHEREAS, Komain Properties Urban Renewal LLC, 300 Wilson Avenue, Newark, New Jersey 07105 (the "Entity"), 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 construct a new five (5) story mixed use building containing a total of sixty (60) market rate housing units, eighty-nine (89) parking spaces and 2,076 square feet of accessory amenity / retail space, located on real property commonly known as 96-112 Main Street, Newark, New Jersey 07105 and identified on the Tax Map of the City of Newark as Block 2057, Lot 28 (the "Project"); and
WHEREAS, the Mayor has submitted the application and proposed Financial Agreement to the Municipal Council of the City of Newark (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, Komain Properties Urban Renewal LLC has filed with the City of Newark (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 and that without the tax abatement granted herein, the Project would not be undertaken.
NOW, THEREFORE, BE IT ORDAINED BY THE MUN...
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