Title
AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO 317 MULBERRY STREET URBAN RENEWAL CO., LLC, 27 AUSTIN STREET, NEWARK, NEW JERSEY 07114 FOR A PROJECT TO CONSTRUCT TWENTY-FOUR (24) MARKET RATE RESIDENTIAL RENTAL UNITS, 770 SQUARE FEET OF COMMERCIAL SPACE, AND 15 GROUND FLOOR PARKING SPACES LOCATED AT 317-323 MULBERRY STREET, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 881, LOT 28 (CENTRAL WARD).
Deferred 6PSF-e 050725
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WHEREAS, 317 Mulberry Street Urban Renewal Co., LLC, 27 Austin Street, Newark, New Jersey 07114 ("Entity"), filed an application with the Mayor seeking a long term tax abatement under the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq. for a thirty (30) year term for a project to construct twenty-four (24) market rate residential rental units, 770 square feet of commercial space, and 15 ground floor parking spaces, located at 317-323 Mulberry Street, Newark, New Jersey and identified on the City's tax map as Block 881, Lot 28, Central Ward (the "Project"); and
WHEREAS, the Mayor 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 No. 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 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 317 Mulberry Street Urban Renewal Co., LLC, 27 Austin Street, Newark, New Jersey 07114 (the "Entity"), for the development, maintenance and operation of the Project described in the ...
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