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File #: 21-1670    Version: 1 Name: KS 556 Market Street Urban Renewal, LLC- PILOT
Type: Ordinance Status: Adopted
File created: 11/5/2021 In control: Economic and Housing Development
On agenda: 7/26/2022 Final action: 9/8/2022
Title: AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO KS 556 MARKET STREET URBAN RENEWAL, LLC, 556 MARKET STREET, NEWARK, NEW JERSEY 07105, FOR A PROJECT TO CONSTRUCT (23) MARKET RATE RESIDENTIAL RENTAL UNITS LOCATED AT 556 MARKET STREET, NEWARK, NEW JERSEY 07105 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 1998, LOT 2. Deferred 6PSF-j (s) 081622
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
9/8/20221 Municipal Council Closed on Public Hearing and AdoptedPass Action details Meeting details Video Video
8/16/20221 Municipal Council Maintained on Public Hearing and DeferredPass Action details Meeting details Video Video
8/3/20221 Municipal Council Adopted on First ReadingPass Action details Meeting details Video Video
7/26/20221 Municipal Council Advanced to First ReadingPass Action details Meeting details Video Video
Title
AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO KS 556 MARKET STREET URBAN RENEWAL, LLC, 556 MARKET STREET, NEWARK, NEW JERSEY 07105, FOR A PROJECT TO CONSTRUCT (23) MARKET RATE RESIDENTIAL RENTAL UNITS LOCATED AT 556 MARKET STREET, NEWARK, NEW JERSEY 07105 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 1998, LOT 2.

Deferred 6PSF-j (s) 081622

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WHEREAS, KS 556 Market Street Urban Renewal, LLC, 556 Market Street, Newark, New Jersey 07105, filed an application with the Mayor of the 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. for a twenty (20) year term, for a project to construct twenty-three (23) market rate residential rental units located at 556 Market Street, Newark, New Jersey and identified on the Official Tax Map of the City of Newark, as Block 1998, Lot 2 (collectively, 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, KS 556 Market Street Urban Renewal, LLC, has filed with the City of Newark 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 outweigh any costs associated with this proposed tax abatement and that without the tax abatement granted herein, the Project would not be undertaken.

NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:

1. The application of KS 556 Market Street Urban Renewal, LLC, 556 Market Street, Newark, New Jersey 07105 (the "Entity"), for the development, maintenance and operation of the Project described in the application is hereby ap...

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