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AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO 45 WILLIAM URBAN RENEWAL, LLC, 207 WEST 25th STREET, 9th FLOOR, NEW YORK, NEW YORK 10001, FOR A PROJECT TO CONSTRUCT A NEW SIX (6) STORY MIXED USE BUILDING CONSISTING OF FIFTY-FOUR (54) MARKET RATE RENTAL UNITS, SIX (6) AFFORDABLE HOUSING RENTAL UNITS IN ACCORDANCE WITH ORDINANCE 6PSF-a, ADOPTED ON OCTOBER 4, 2017, A DAYCARE CENTER AND APPROXIMATELY TWENTY-EIGHT (28) PARKING SPACES, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 43-53 WILLIAMS STREET, NEWARK, NEW JERSEY 07102 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 58, LOTS 8 AND 9. (CENTRAL WARD)
Deferred 6PSF-u 102120
PUBLIC HEARING TO BE HELD ON NOVEMBER 05, 2020
Deferred 6PSF-c 110520
PUBLIC HEARING TO BE HELD ON NOVEMBER 18, 2020
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WHEREAS, 45 William Urban Renewal, LLC, 207 West 25th Street, 9th Floor, New York, New York 10001, 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 (20) year term for a project to construct a new six (6) story mixed use building consisting of fifty-four (54) market rate rental units, six (6) affordable housing rental units in accordance with Ordinance 6PSF-a, adopted on October 4, 2017, a daycare center and approximately twenty-eight (28) parking spaces, located on real property commonly known as 43-53 Williams Street, Newark, New Jersey 07102 and identified on the Official Tax Map of the City of Newark, as Block 58, Lots 8 and 9 (the "Project"); and
WHEREAS, the Mayor of the City of Newark 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, 45 William Urban Renewal LLC has filed with the City a sworn statement that it has not made any contribution in violation of said ordinance; and
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