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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO MAR NHA WSV PHASE 1, LLC, 921 ELIZABETH AVENUE, 5TH FLOOR, ELIZABETH, NEW JERSEY 07201, FOR A PROJECT TO CONSTRUCT A NEW BUILDING WITH A TOTAL OF (86) SENIOR RESIDENTIAL RENTAL UNITS RESERVED FOR HOUSEHOLDS WITH INCOMES OF 60% AMIOR LESS, AND (1) SUPERINTENDENT UNIT LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 530-570 SOUTH 13TH STREET, NEWARK, NEW JERSEY 07103 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWRK, AS BLOCK 310, LOT 1, WHICH PROPERTY IS IN THE PROCESS OF BEING SUB-DIVIDED AND SHALL BE IDENTIFIED AS BLOCK 310, LOT 1.01 (CENTRAL WARD).
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WHEREAS, MAR NHA WSV Phase 1, LLC, 921 Elizabeth Avenue, 5th Floor, Elizabeth, New Jersey 07201 (the "Entity") has applied for a long term tax exemption pursuant to the New Jersey Housing and Mortgage Finance Agency Law of 1983, as amended and supplemented, N.J.S.A. 55:14K-1 et seq. (the "NJHMFA Law") for a project to construct a new building with a total of eighty-six (86) senior residential rental units reserved for households with incomes of 60% Area Median Income ("AMI") or less, and one (1) superintendent unit located on real property commonly known as 530-570 South 13th Street, Newark, New Jersey 07103 and identified on the Official Tax Map of the City of Newark, as Block 310, Lot 1, which property is in the process of being subdivided and shall be identified as Block 310, Lot 1.01 (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, the Entity 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 that the relative benefits of this Project outweigh any costs associate...
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