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File #: 22-0487    Version: 1 Name: Ordinance: IPT Newark Airport Logistics Center Urban Renewal LLC- PILOT
Type: Ordinance Status: Adopted
File created: 3/28/2022 In control: Economic and Housing Development
On agenda: 11/2/2022 Final action: 12/7/2022
Title: AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO IPT NEWARK AIRPORT LOGISTICS CENTER URBAN RENEWAL, LLC, 518 17TH STREET, #1700, DENVER, COLORADO 80202, FOR A PROJECT TO CONSTRUCT A WAREHOUSE DISTRIBUTION CENTER CONSISTING OF APPROXIMATELY 90,255 SQUARE FEET OF WAREHOUSE SPACE, 10,028 SQUARE FEET OF OFFICE SPACE AND ASSOCIATED PARKING LOCATED AT 350-406 ROUTE 1 & 9, NEWARK, NEW JERSEY 07114 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 5090, LOT 36 (SOUTH WARD).
Sponsors: Council of the Whole
Title
AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO IPT NEWARK AIRPORT LOGISTICS CENTER URBAN RENEWAL, LLC, 518 17TH STREET, #1700, DENVER, COLORADO 80202, FOR A PROJECT TO CONSTRUCT A WAREHOUSE DISTRIBUTION CENTER CONSISTING OF APPROXIMATELY 90,255 SQUARE FEET OF WAREHOUSE SPACE, 10,028 SQUARE FEET OF OFFICE SPACE AND ASSOCIATED PARKING LOCATED AT 350-406 ROUTE 1 & 9, NEWARK, NEW JERSEY 07114 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 5090, LOT 36 (SOUTH WARD).

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WHEREAS, IPT Newark Airport Logistics Center Urban Renewal, LLC, 518 17th Street, #1700, Denver, Colorado 80202, 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 a warehouse distribution center consisting of approximately 90,255 square feet of warehouse space, 10,028 square feet of office space and associated parking located at 350-406 Route 1 & 9, Newark, New Jersey 07114 and identified on the Official Tax Map of the City of Newark, as Block 5090, Lot 36 (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, IPT Newark Airport Logistics Center Urban Renewal, 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 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 C...

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