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AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR LONG TERM TAX ABATEMENT TO CLINTON HEIGHTS RESIDENCE URBAN RENEWAL, LLC, 275-277 16th AVENUE, UNIT C, NEWARK, NEW JERSEY 07103, FOR A PROJECT LOCATED IN THE SOUTH WARD AT 722-728 CLINTON AVENUE, NEWARK, NEW JERSEY 07108, AND IDENTIFIED ON THE CITY’S TAX MAP AS BLOCK 3043, LOT 87 (FORMERLY KNOWN AS LOTS 87 and 88) (THE “PROPERTY”), TO CONSTRUCT A NEW FIVE (5)-STORY MIXED USE BUILDING CONTAINING (I) FOUR HUNDRED FORTY-SIX (446) SQUARE FEET OF COMMERCIAL/RETAIL SPACE ON THE GROUND FLOOR; (II) FORTY (40) RESIDENTIAL RENTAL UNITS ON FLOORS TWO (2) THROUGH FIVE (5), CONSISTING OF TWENTY (20) MARKET-RATE RESIDENTIAL RENTAL UNITS, INCLUDING TWO (2) STUDIO UNITS, TEN (10) ONE-BEDROOM UNITS, AND EIGHT (8) TWO-BEDROOM UNITS, (III) TWENTY (20) AFFORDABLE RESIDENTIAL RENTAL UNITS, INCLUDING OF EIGHT (8) UNITS RESTRICTED TO TENANTS EARNING UP TO 20% OF THE AREA MEDIAN INCOME (“AMI”), CONSISTING OF TWO (2) STUDIOS, TWO (2) ONE-BEDROOM UNITS, AND FOUR (4) TWO-BEDROOM UNITS; FOUR (4) UNITS RESTRICTED TO TENANTS AT 50% OF AMI, CONSISTING OF TWO (2) TWO-BEDROOM UNITS AND TWO (2) THREE BEDROOM UNITS; SIX (6) UNITS RESTRICTED TO TENANTS AT 65% OF AMI, CONSISTING OF FOUR (4) TWO-BEDROOM UNITS AND TWO (2) THREE-BEDROOM UNITS; AND TWO (2) THREE BEDROOM UNITS; AND TWO (2) UNITS RESTRICTED TO TENANTS AT 80% OF AMI, BOTH OF WHICH ARE TWO-BEDROOM UNITS, (IV) A FITNESS AREA, 212 SQUARE FOOT TENANT AMENITY LOUNGE, BICYCLE STORAGE, AND ROOFTOP; AND (V) TWENTY-FOUR (24) OFF-STREET PARKING SPACES IN AN ENCLOSED GARAGE (COLLECTIVELY, THE “PROJECT”) (EAST WARD).
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WHEREAS, Clinton Heights Residence Urban Renewal LLC, 275-277 16th Avenue, Unit C, Newark, New Jersey 07103 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 located in the South Ward at 722-728 Clinton Avenue, Newark, New Jersey 07108 and identified ...
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