Title
AN ORDINANCE AUTHORIZING THE TRANSFER OF A PROJECT TO CONSTRUCT A NEW (6) STORY MIXED-USE BUILDING CONSISTING OF (54) MARKET RATE RENTAL UNITS, (6) AFFORDABLE HOUSING RENTAL UNITS IN ACCORDANCE WITH CITY ORDINANCE 6PSF-B, ADOPTED ON OCTOBER 4, 2017, A DAYCARE CENTER AND APPROXIMATELY (28) PARKING SPACES, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 43-53 WILLIAMS STREET, NEWARK, NEW JERSEY 07102 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 58, LOTS 8 AND 9 FROM 45 WILLIAM URBAN RENEWAL, LLC TO 45 WILLIAM OWNER URBAN RENEWAL, LLC AND AMENDING THE TAX ABATEMENT GRANTED THERETO.
Public Hearing to be held June 21, 2022.
Deferred 6PSF-k 060222
body
WHEREAS, on November 18, 2020, the Municipal Council adopted Ordinance 6PSF-b, (a copy of which is attached hereto as Exhibit A), granting a long term tax abatement to 45 William Urban Renewal, LLC (the "Original Owner"), pursuant to the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq., for the construction of a new six (6) story mixed-use building consisting of: fifty-four (54) market rate rental units, six (6) affordable housing rental units (in accordance with City Ordinance 6PSF-b adopted on October 4, 2017), a daycare center and approximately twenty-eight (28) parking spaces, located on real property commonly known as 43-53 Williams Street, Newark, New Jersey 07102 and identified on the Official Tax Map of the City of Newark, as Block 58, Lots 8 and 9 (collectively, the "Project"); and
WHEREAS, on June 3, 2021, the City of Newark (the "City") and the Original Owner subsequently executed a Financial Agreement governing the Project (the "Original Financial Agreement", a copy of which is attached hereto as Exhibit B); and
WHEREAS, the Project has been completed; and
WHEREAS, in addition to the construction of the Project, the Original Financial Agreement also requires that the Original Owner construct six (6) new off-site affordable housing units by December 31, 2...
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