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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO CROWN VILLAGE URBAN RENEWAL, INC., FOR A PROJECT TO CONSTRUCT ONE-HUNDRED-FORTY-FOUR (144) NON-SENIOR AFFORDABLE HOUSING RESIDENTIAL RENTAL UNITS, WHEREIN TWELVE (12) UNITS SHALL BE RESTICTED TO TENANTS AT 50% AREA MEDIAN INCOME (“AMI”) AND ONE-HUNDRED-THIRTY-TWO (132) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% AMI (THE “INCOME RESTRICTED UNITS”) AND APPROXIMATELY 8,149 SQUARE FEET OF COMMERCIAL SPACE AND APPROXIMATELY 33% OF ON-SITE PARKING SPACES LOCATED AT 552 AND 554-566 SOUTH ORANGE AVENUE AND 412, 414, 416 AND 418 GROVE STREET, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY’S MAP AS BLOCK 4001, LOTS 1, 2, 19, 20, 21, AND 32. (WEST WARD)
Deferred 6PSF-e 120325
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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, Crown Village 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-forty-four (144) non-senior affordable housing residential rental units, wherein twelve (12) units shall be restricted to tenants at 50% Area Median Income (“AMI”) and one-hundred-thirty-two (132) units shall be restricted to tenants at 60% AMI (the “Income Restricted Units”), and approximately 8,149 square feet of commercial space and approximately 33% of on-site parking spaces located at 552 and 554-566 South Orange Avenue and 412, 414, 416, and 418 Grove Street, Newark, New Jersey and identified on the City’s tax map as Block 4001, Lots 1, 2, 19, 20, 21, and 32 (collectively, the “Project”); and
WHEREAS, the Mayor has submitted the application and proposed Financial Agreement...
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