https://newark.legistar.com/Gateway.aspx?M=LD&From=RSS&ID=8060392&GUID=9F6E9B07-4708-448F-A438-82520B04BA43Legistar15https://newark.legistar.com/Gateway.aspx?M=LD&From=RSS&ID=8060392&GUID=9F6E9B07-4708-448F-A438-82520B04BA439F6E9B07-4708-448F-A438-82520B04BA43-2026-06-10-20-33-35Title: AN ORDINANCE GRANTING A TWENTY (20) YEAR LONG TERM TAX ABATEMENT TO 452 SOUTH ORANGE AVE URBAN RENEWAL, LLC, 429 CHESTNUT STREET ROSELLE PARK, NEW JERSEY 07204 FOR A PROJECT LOCATED IN THE WEST WARD AT 448-452 SOUTH ORANGE AVENUE, NEWARK, NEW JERSEY 07103, BLOCK 319, LOT 25 (FORMERLY BLOCK 319, LOTS 25, 27 & 28) ON THE TAX MAP OF THE CITY (THE “PROPERTY”), CONSTRUCT A FIVE-STORY MIXED-USE BUILDING CONSISTING OF THIRTY-FOUR (34) RESIDENTIAL UNITS, INCLUSIVE OF (A) TWENTY-SEVEN (27) MARKET RATE UNITS, OF WHICH THIRTEEN (13) WILL BE TWO-BEDROOM UNITS AND FOURTEEN (14) WILL BE ONE-BEDROOM UNITS (COLLECTIVELY, THE “MARKET-RATE UNITS”), AND (B) SEVEN (7) AFFORDABLE RESIDENTIAL RENTAL UNITS, OF WHICH (I) THREE (3) WILL BE TWO-BEDROOM UNITS, INCLUDING ONE (1) TWO-BEDROOM UNIT RESTRICTED TO TENANTS AT 40% OF AREA MEDIAN INCOME (“AMI”), ONE (1) TWO-BEDROOM UNIT RESTRICTED TO TENANTS AT 60% OF AMI, AND ONE (1) TWO-BEDROOM UNIT RESTRICTED TO TENANTS AT 80% OF AMI, AND (II) FOUR (4) WILL BE ONE-BEDROOM UNITS, INCLUDING ONE (1) ONE-BEDROOM UNIT RESTRICTED TO TENANTS AT 40% OF AMI, ONE (1) ONE-BEDRWed, 10 Jun 2026 20:33:35 GMT