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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, NEW JERSEY 07208, 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 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 MAP AS BLOCK 4002, LOTS 1, 18, 19, 20, AND 30. (WEST WARD)
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WHEREAS, South Orange Ave. 1 Urban Renewal Inc. 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, New Jersey 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 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...
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