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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO SOUTH ORANGE AVE. 1 URBAN RENEWAL, INC., 27 PRINCE STREET, ELIZABETH, NJ 07208, FOR A PROJECT TO CONSTRUCT TWO RESIDENTIAL AFFORDABLE HOUSING BUILDINGS CONSISTING OF ONE-HUNDRED-EIGHTY-FIVE (185) RESIDENTIAL RENTAL UNITS, WHEREIN THE FIRST BUILDING SHALL CONSIST OF ONE-HUNDRED-EIGHT (108) SENIOR AFFORDABLE HOUSING UNITS, OF WHICH TWENTY (20) UNITS SHALL BE RESTRICTED TO TENANTS AT 50% AREA MEDIAN INCOME (“AMI”) AND EIGHTY-EIGHT (88) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% AMI (THE “BUILDING 1 INCOME RESTRICTED UNITS”), AND THE SECOND BUILDING SHALL CONSIST OF SEVENTY-SEVEN (77) NON-SENIOR AFFORDABLE HOUSING UNITS, OF WHICH FOUR (4) UNITS SHALL BE RESTRICTED TO TENANTS AT 50% AMI AND SEVENTY-THREE (73) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% AMI (THE “BUILDING 2 INCOME RESTRICTED UNITS”), AND APPROXIMATELY 9,115 SQUARE FEET OF COMMERCIAL SPACE AND APPROXIMATELY 86% OF ON-SITE PARKING SPACES LOCATED AT 572-588 SOUTH ORANGE AVENUE, 80-82 WHITNEY STREET, 84 WHITNEY STREET, 86-88 WHITNEY STREET, AND 391-419 GROVE STREET, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY’S TAX MAP AS BLOCK 4002, LOTS 1, 18, 19, 20, AND 30. (WEST WARD)
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WHEREAS, the Developer will be constructing a mixed-use development in the City of Newark and the Township of Irvington that will contain a total of 647 affordable housing units, commercial space, and on-site parking; and
WHEREAS, South Orange Ave. 1 Urban Renewal, Inc., 27 Prince Street, Elizabeth, NJ 07208 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 two residential affordable housing buildings consisting of one-hundred-eighty-five (185) residential rental units, wherein the first building shall consist of one-hundred-eight (108) senior affordable housing units, of which twenty (20) units shall be restricted to tenants...
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