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AN ORDINANCE GRANTING A FIFTEEN (15) YEAR TAX ABATEMENT TO HIGH PARK TERRACE COOPERATIVE CORPORATION, 36 MUHAMMAD ALI AVENUE, NEWARK, NEW JERSEY 07108 FOR A PROJECT TO MAINTAIN AN EXISTING LOW AND MODERATE INCOME HOUSING COOPERATIVE CONSISTING OF THIRTY-SIX (36) SEPARATE BUILDINGS WITH TWO HUNDRED SIXTEEN (216) RESIDENTIAL UNITS, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 26-56 MUHAMMED ALI AVENUE AND 86-148 PRINCE STREET, NEWARK, NEW JERSEY 07103 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2514, LOT 1 AND BLOCK 2586, LOT 1. (CENTRAL WARD)
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WHEREAS, High Park Terrace Cooperative Corporation, 36 Muhammad Ali Avenue, Newark, New Jersey 07108, 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 fifteen (15) year term for a project to maintain an existing low and moderate income housing cooperative consisting of thirty-six (36) separate buildings with two hundred sixteen (216) residential units, located on real property commonly known as 26-56 Muhammed Ali Avenue and 86-148 Prince Street Newark, New Jersey 07103 and identified on the Official Tax Map of the City of Newark, as Block 2514, Lot 1 and Block 2586, Lot 1 (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, High Park Terrace Cooperative Corporation 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 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 unde...
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