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File #: 19-2025    Version: 1 Name: Claremont Newark - 5 year LTTE Extension
Type: Ordinance Status: Adopted
File created: 12/31/2019 In control: Economic and Housing Development
On agenda: 1/8/2020 Final action: 1/22/2020
Title: AN ORDINANCE AMENDING ORDINANCE 6PSF-d, ADOPTED ON NOVEMBER 7, 2019, GRANTING A FIVE (5) YEAR EXTENSION OF THE TAX ABATEMENT TO CLAREMONT NEWARK URBAN RENEWAL, LLC, 1316 MADISON AVENUE, NEW YORK, NEW YORK 10128, FOR THE PROJECT COMMONLY REFERRED TO AS THE "FBI BUILDING" ON REAL PROPERTY KNOWN AS 1-33 CENTRE PLACE AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 129, LOT 1. (CENTRAL WARD)
Sponsors: Council of the Whole
Attachments: 1. certified ordinance.pdf
Related files: 01-1464, 19-0478
Title
AN ORDINANCE AMENDING ORDINANCE 6PSF-d, ADOPTED ON NOVEMBER 7, 2019, GRANTING A FIVE (5) YEAR EXTENSION OF THE TAX ABATEMENT TO CLAREMONT NEWARK URBAN RENEWAL, LLC, 1316 MADISON AVENUE, NEW YORK, NEW YORK 10128, FOR THE PROJECT COMMONLY REFERRED TO AS THE "FBI BUILDING" ON REAL PROPERTY KNOWN AS 1-33 CENTRE PLACE AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY AS BLOCK 129, LOT 1. (CENTRAL WARD)

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WHEREAS, pursuant to Resolution 7Rdd adopted on June 6, 2001, the City and Claremont Newark Urban Renewal, LLC, 1316 Madison Avenue, New York, New York 10128 (the "Entity") previously executed a Financial Agreement providing a fifteen (15) year tax exemption for the Project commonly referred to as the "FBI Building" located at 1-33 Centre Place and identified on the City tax map as Block 129, Lot 1; and

WHEREAS, the Entity has undertaken certain improvements to the Project; and

WHEREAS, the Entity filed an application, prior to the undertaking of any improvements, with the Mayor seeking an extension of the long term tax abatement under the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq., for an additional fifteen (15) year period; and

WHEREAS, the Mayor submitted the application and proposed First Amendment to the Financial Agreement (the "First Amendment") to the Municipal Council with his recommendation for a five (5) year extension of the tax abatement; and

WHEREAS, on November 7, 2019, the Municipal Council 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 approved the recommended five (5) year extension of the Entity's tax abatement through Ordinance 6PSF-d November 7, 2019; and

WHEREAS, prior to the execution of the First Amendment, it was discovered that the Municipal Council had considered and approved the execution of a draft copy of t...

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