Wednesday, June 29, 2016

Ironbound Development Project Could Receive a 15 Year Tax Abatement

Newark, New Jersey: A building in Newark's East Ward which is being redeveloped could receive a tax abatement.

Essex County Place first reported in January that the building located at 118-134 Adams Street, between Lafayette and Ferry Streets, will be converted into a mixed use residential and commercial building. 

The building stretches to Jackson Street, the next block. According to a Newark Central Planning Board agenda, the project will include 28 apartments on the upper floors and six retail spaces on the first floor. The H. E. Rainaud Company, which manufactured lamps, used the building as a factory until 1919, when it moved its operations to Connecticut. The Flexible Cork Company also operated a factory in the building, as did a furniture company. The building is known for the American flag painted on its side.

Now, according to a legal notice, developer Beacon Redevelopment Urban Renewal Company could receive a 15-year tax abatement from the City of Newark. The first reading of the ordinance which would allow the tax abatement was passed by the Newark Municipal Council on June 15, and could be finally approved at the meeting on July 7. 

According to the City of Newark, businesses receiving tax abatements in the city must pay an annual service charge instead of property taxes.

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