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AN ORDINANCE GRANTING A TAX EXEMPTION TO MAY NEWARK URBAN RENEWAL, LLC, FOR A MIXED-USE DEVELOPMENT PROJECT CONSISTING OF NINE (9) PHASES CONSISTING OF APPROXIMATELY (3,800) MARKET RATE RESIDENTIAL UNITS, (400) AFFORDABLE HOUSING RESIDENTIAL RENTAL UNITS AT LEAST 100,000 SQUARE FEET CONSISTING OF A MIX OF HOSPITALITY/DESTINATION RETAIL, OPEN TO THE PUBLIC AND OFFICE/CO-WORKING SPACE FOR SMALL BUSINESS, ENTREPRENEURS, AND FREE-LANCERS; PUBLICLY ACCESSIBLE GREEN SPACE; AND UP TO (3,000) PARKING SPACES LOCATED ON PROPERTY KNOWN AS 1155-1157 MCCARTER HIGHWAY, 450-466 BROAD STREET (REAR), 5-55 DIVISION STREET, 2-28 DIVISION STREET, 30-42 DIVISION STREET, AND 44-56 DIVISION STREET, NEWARK, NEW JERSEY 07102 AND IDENTIFIED ON THE OFFCIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 9, LOTS 6 AND 9; BLOCK 26, LOTS 1 AND 15.01; AND BLOCK 27, LOTS 1 AND 3, LOCATED IN THE CENTRAL WARD, SUCH THAT THE OFFICIAL TAX MAP OF THE CITY OF NEWARK HAS CHANGED TO REFLECT THE PREVIOUSLY SHOWN PARCELS AS BLOCK 26, LOTS 1 AND 15.01; BLOCK 27, LOTS 1.01-1.03 (F/K/A BLOCK 27, LOT 1 AND BLOCK 9, LOT 9) AND 3; AND BLOCK 9, LOT 6, AND AUTHORIZING THE EXECUTION AND DELIVERY OF A FINANCIAL AGREEMENT AND OTHER APPLICABLE DOCUMENTS RELATED TO THE ISSUANCE OF REDEVELOPMENT AREA BONDS (NON-RECOURSE TO THE FULL FAITH AND CREDIT OF THE CITY), AUTHORIZING THE ISSUANCE OF THE REDEVELOPMENT AREA BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $18,000,000.00 AND LIMITED TO $2,000,000.00 PER PHASE AND DETERMINING VARIOUS OTHER MATTERS IN CONNECTION THEREWITH.
Deferred 6PSF-m 060222
Deferred 6PSF-g (s) 062122
Formerly 6PSF-b 071322 adopted as 6F-c 071322
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WHEREAS, May Newark Urban Renewal LLC, 32 Cross Street, Suite 301, Freehold, New Jersey 08701, filed an application with the Mayor of City of Newark seeking a long term tax abatement under the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq. (the "Tax Exemption Law") for a term equal to thirty (30) years for each Unit, but in no ev...
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