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ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR TAX ABATEMENT TO MORRIS DOREMUS AVENUE ASSOCIATES URBAN RENEWAL, LLC, C/O MORRIS COMPANIES, 350 VETERANS BOULEVARD, RUTHERFORD, NEW JERSEY 07070, FOR A PROJECT TO CONSTRUCT AN APPROXIMATE 872,000 SQUARE FOOT BUILDING FOR WAREHOUSE USE AND ASSOCIATED OFFICE SPACE, CAR AND TRAILER PARKING AND LOADING DOCKS LOCATED AT 173-269 DOREMUS AVENUE, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S OFFICIAL TAX MAP AS BLOCK 5016, LOTS 1, 3, 6 AND 30 AND BLOCK 5016.01, LOTS 10 AND 20. (EAST WARD)
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WHEREAS, Morris Doremus Avenue Associates Urban Renewal, LLC, c/o Morris Companies, 350 Veterans Boulevard, Rutherford, New Jersey 07070 (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 twenty-five (25) year term for a project to construct an approximate 872,000 square foot building for warehouse use and associated office space, car and trailer parking and loading docks located at 173-269 Doremus Avenue, Newark, New Jersey 07105 and identified on the City's Official Tax Map as Block 5016, Lots 1, 3, 6 and 30 and Block 5016.01, Lots 10 and 20 (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 on May 4, 2011, Morris Doremus Avenue Associates 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 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 MUNICIPAL COUNCIL OF THE CITY OF NEWARK...
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