Title
AN ORDINANCE RESCINDING THE TAX ABATEMENT APPROVAL, PREVIOUSLY GRANTED, PURSUANT TO ORDINANCE 6PSF-b(S) ADOPTED ON DECEMBER 23, 2014, GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO RGC GRACE WEST URBAN RENEWAL, LLC, (KNOWN AS NEW GRACE WEST URBAN RENEWAL, LLC), PURSUANT TO RESOLUTION 7R2-j(AS) ADOPTED ON MAY 10, 2018, OWNER OF AN APARTMENT COMPLEX LOCATED ON PROPERTY COMMONLY KNOWN AS 221-305 IRVINE TURNER BOULEVARD AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2583, LOT 1.
body
WHEREAS, on December 23, 2024, the Municipal Council adopted Ordinance 6PSF-b(S) granting a thirty (30) year tax abatement to RGC Grace West Urban Renewal, LLC c/o Jonathan Rose Companies, 551 Fifth Avenue, 23rd Floor, New York, New York 10176 (known as New Grace West Urban Renewal, LLC, 551 Fifth Avenue, 23rd Floor, New York, New York 10176), filed an application with the Mayor of the City of Newark seeking a long term tax abatement, pursuant to Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq., ("LTTEL") for a thirty (30) year term for the acquisition and rehabilitation of four hundred twenty-nine (429) affordable housing units located at 221-305 Irvine Turner Boulevard, Newark, New Jersey 07103 and identified on the Official Tax Map of the City of Newark, as Block 2583, Lot 1 (the "Property"), consisting of the renovation of four hundred twenty-nine (429) affordable housing units with emphasis on the following: exterior fa?ade, HVAC systems, and elevators (the "Project"); and
WHEREAS, the Municipal Council adopted Resolution 7R2-j(AS) on May 10, 2018, which consented to the conveyance of the four hundred twenty-nine (429) affordable housing unit project located on real property commonly known as 221-305 Irvine Turner Boulevard, Newark, New Jersey 07103 and identified on the Official Tax Map of the City of Newark, as Block 2583, Lot 1 (the "Project"); by RGC Grace West Urban Renewal, LLC, 551 Fifth Avenue, 23rd Floor, New York, New Yor...
Click here for full text