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File #: 21-1724    Version: 1 Name: Ordinance: Twenty (20) Year Tax Abatement - KS 502 Market Street Urban RenewaL, LLC - PILOT
Type: Ordinance Status: Adopted
File created: 11/22/2021 In control: Economic and Housing Development
On agenda: 11/22/2022 Final action: 1/5/2023
Title: AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO KS 502 MARKET STREET URBAN RENEWAL, LP, 556 MARKET STREET, NEWARK, NEW JERSEY 07105, FOR A PROJECT TO CONSTRUCT (29) MARKET RATE RESIDENTIAL RENTAL UNITS LOCATED AT 502 MARKET STREET, NEWARK, NEW JERSEY 07105 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2001, LOT 1. (EAST WARD) Deferred 6PSF-a 122122
Sponsors: Council of the Whole
Title
AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO KS 502 MARKET STREET URBAN RENEWAL, LP, 556 MARKET STREET, NEWARK, NEW JERSEY 07105, FOR A PROJECT TO CONSTRUCT (29) MARKET RATE RESIDENTIAL RENTAL UNITS LOCATED AT 502 MARKET STREET, NEWARK, NEW JERSEY 07105 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2001, LOT 1. (EAST WARD)
Deferred 6PSF-a 122122
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WHEREAS, KS 502 Market Street Urban Renewal, LP, 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-nine (29) market rate residential rental units, located at 502 Market Street, Newark, New Jersey 07105 and identified on the Official Tax Map of the City of Newark, as Block 2001, Lot 1 (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 May 4, 2011, KS 502 Market Street Urban Renewal, LP, has filed with 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 CITY OF NEWARK, NEW JERSEY, THAT:

1. The application of KS 502 Market Street Urban Renewal, LP, 556 Market Street, Newark, New Jersey 07105 (the "Entity"), for the development, maintenance and operation of the Project described in the applic...

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