Title
AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR TAX ABATEMENT TO B9 HYATT AVE OWNER URBAN RENEWAL, LLC, 602 W. OFFICE CENTER DRIVE, SUITE 200, FT. WASHINGTON, PENNSYLVANIA 19034, FOR A PROJECT INVOLVING THE CONSTRUCTION OF AN APPROXIMATELY 354,400 SQUARE FOOT INDUSTRIAL WAREHOUSE/DISTRIBUTION BUILDING, INCLUSIVE OF 4,000 SQUARE FEET OF OFFICE SPACE, 53 LOADING DOCK SPACES, 166 TRAILER STORAGE SPACES AND 268 OFF-STREET PARKING SPACES LOCATED AT 105-135 HYATT AVENUE, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 5020, LOT 69.03 (FORMERLY LOTS 69.03, 69.04, 69.05, AND 69.06). (EAST WARD)
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WHEREAS, B9 Hyatt Ave Owner Urban Renewal, LLC 602 W. Office Center Drive, Suite 200, Ft. Washington, Pennsylvania 19034, 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 twenty-five (25) year term for a project involving the construction of an approximately 354,400 square foot industrial warehouse/distribution building, inclusive of 4,000 square feet of office space, 53 loading dock spaces, 166 trailer storage spaces and 268 off-street parking spaces located at 105-135 Hyatt Avenue, Newark, New Jersey and identified on the City's tax map as Block 5020, Lot 69.03 (formerly Lots 69.03, 69.04, 69.05, and 69.06) (collectively, 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, the Department of Economic and Housing Development has determined pursuant to N.J.S.A. 40A:20-11 that the relative benefits of this Project outweigh any costs associated with this tax exemption 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 B9 Hyatt Ave O...
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