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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO 650 SPRINGFIELD AVE URBAN RENEWAL, LLC, 61 DEANS LANE, MONMOUTH JUNCTION, NEW JERSEY 08852 FOR A PROJECT TO REHABILITATE SIX (6) AFFORDABLE HOUSING UNITS AND CONSTRUCT TEN (10) NEW AFFORDABLE HOUSING UNITS WITH APPROXIMATELY 1,900 SQUARE FEET OF COMMERCIAL AND COMMUNITY SPACE LOCATED AT 650-656 SPRINGFIELD AVENUE, 710 SOUTH 17TH STREET, AND 724-726 SOUTH 17TH STREET (50% OF THE PROPERTY), NEWARK, NEW JERSEY 07103, AND IDENTIFIED ON THE CITY'S OFFICIAL TAX MAP AS BLOCK 364, LOTS 21, 27, AND 29 (50% OF THE PROPERTY). (SOUTH WARD)
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WHEREAS, 650 Springfield Ave Urban Renewal, LLC, 61 Deans Lane, Monmouth Junction, New Jersey 08852, 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 rehabilitate six (6) affordable housing units and construct ten (10) new affordable housing units with approximately 1,900 square feet of commercial and community space located at 650-656 Springfield Avenue, 710 South 17th Street, and 724-726 South 17th Street (50% of the property), Newark, New Jersey 07103 and identified on the City's Official Tax Map as Block 364, Lots 21, 27, and 29 (50% of the property) (the "Project"), which the Entity intends to consolidate and subdivide at a later date resulting in different lots on the Official Tax Map of the City of Newark; 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, the Entity 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 outweighs any costs ass...
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