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File #: 19-1374    Version: 1 Name: 495 Washington Realty Urban Renewal, LLC Tax Abatement
Type: Ordinance Status: Adopted
File created: 8/27/2019 In control: Economic and Housing Development
On agenda: 12/18/2019 Final action: 2/5/2020
Title: AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR TAX ABATEMENT TO 495 WASHINGTON REALTY URBAN RENEWAL COMPANY, LLC, C/O NELSON ESPINOZA, 49 HERMON STREET, NEWARK, NEW JERSEY 07105, FOR A PROJECT TO CONSTRUCT TWENTY-SEVEN (27) MARKET RATE RESIDENTIAL RENTAL UNITS, SEVEN (7) INCOME RESTRICTED UNITS AND THREE (3) COMMERCIAL UNITS LOCATED AT 495-505 WASHINGTON STREET, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 121, LOT 43. (CENTRAL WARD) Deferred 6F-a 010820
Sponsors: LaMonica R. McIver, Eddie Osborne
Attachments: 1. certified ordinance.pdf
TITLE
AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR TAX ABATEMENT TO 495 WASHINGTON REALTY URBAN RENEWAL COMPANY, LLC, C/O NELSON ESPINOZA, 49 HERMON STREET, NEWARK, NEW JERSEY 07105, FOR A PROJECT TO CONSTRUCT TWENTY-SEVEN (27) MARKET RATE RESIDENTIAL RENTAL UNITS, SEVEN (7) INCOME RESTRICTED UNITS AND THREE (3) COMMERCIAL UNITS LOCATED AT 495-505 WASHINGTON STREET, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 121, LOT 43. (CENTRAL WARD)
Deferred 6F-a 010820
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WHEREAS, 495 Washington Realty Urban Renewal Company, LLC, c/o Nelson Espinoza, 49 Hermon 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-five (25) year term for a project to construct twenty-seven (27) market rate residential rental units, seven (7) Income Restricted Units and three (3) commercial units located at 495-505 Washington Street, Newark, New Jersey and identified on the City's tax map as Block 121, Lot 43 (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, 495 Washington Realty 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 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:

1. The application of 495 Washington Realty Urban Renewal Company, LLC, c/o Nelson Espinoza, 49 Hermon Street, Newark, New ...

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