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AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR TAX ABATEMENT TO BALLANTINE EFG PROPERTY OWNER URBAN RENEWAL, LLC, 29 MADISON AVENUE, 24TH FLOOR, NEW YORK, NEW YORK 10017, FOR A PROJECT TO CONSTRUCT A MULTI-UNIT RESIDENTIAL BUILDING CONSISTING OF APPROXIMATELY (246) MARKET RATE RESIDENTIAL RENTAL UNITS, (34) AFFORDABLE HOUSING RENTAL UNITS, OF WHICH (8) UNITS SHALL BE RESTRICTED TO TENANTS AT 40% OF AREA MEDIAN INCOME ("AMI") OR LESS, (8) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% AMI OR LESS AND EIGHTEEN (18) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% AMI, APPROXIMATELY 2,600 SQUARE FEET OF RETAIL SPACE AND APPROXIMATELY (125) ON-SITE PARKING SPACES LOCATED AT 74-82 FREEMAN STREET AND 428-442 FERRY STREET, NEWARK, NEW JERSEY 07105 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2474, LOTS 1.02 AND 8 (INCLUDING "ADDITIONAL" LOT 14). (EAST WARD)
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WHEREAS, Ballantine EFG Property Owner Urban Renewal, LLC, 29 Madison Avenue, 24th Floor, New York, New York 10017, filed an application with the Mayor of the City of Newark 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 to construct a multi-unit residential building consisting of approximately two hundred forty-six (246) market rate residential rental units, thirty-four (34) affordable housing rental units, of which eight (8) units shall be restricted to tenants at 40% of Area Median Income ("AMI"), or less, eight (8) units shall be restricted to tenants at 60% AMI or less and eighteen (18) units shall be restricted to tenants at 80% AMI or less, approximately 2,600 square feet of retail space and approximately one hundred twenty-five (125) on-site parking spaces located at 74-82 Freeman Street and 428-442 Ferry Street, Newark, New Jersey 07105 and identified on the Official Tax Map of the City of Newark, as Block 2474, Lots 1.02 and 8 (including "additional" lot 14) (collectively, the...
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