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AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO SB REDEVELOPMENT URBAN RENEWAL CO., LLC, 260 CHESTNUT STREET, NEWARK, NEW JERSEY 07105, FOR A PROJECT TO CONSTRUCT A NEW SIX (6) STORY BUILDING CONTAINING APPROXIMATELY 74,625 SQUARE FEET OF HOTEL SPACE WITH APPROXIMATELY 109 GUEST ROOMS, A RESTAURANT, ROOF TOP BAR AND RELATED AMENITIES AND 2,150 SQUARE FEET OF RETAIL SPACE, LOCATED AT 114-126 MONROE STREET, NEWARK, NEW JERSEY 07105 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 1987, LOT 21. (EAST WARD)
Deferred 6PSF-v 102120
PUBLIC HEARING TO BE HELD ON NOVEMBER 5, 2020
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WHEREAS, SB Redevelopment Urban Renewal Co., LLC, 260 Chestnut Street, Newark, New Jersey 07105, filed an application with the Mayor seeking a long term tax abatement under the Lo ng 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 building containing approximately 74,625 square feet of hotel space with approximately 109 guest rooms, a restaurant, roof top bar and related amenities and 2,150 square feet of retail space, located at 114-126 Monroe Street, Newark, New Jersey 07105 and identified on the Official Tax Map of the City of Newark, as Block 1987, Lot 21 (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, SB Redevelopment Urban Renewal Co., LLC has filed with the City of Newark (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 associated with this tax abatement and that without the tax abatement granted herein, the Project would not be undertaken....
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