Title
AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO BROAD STREET URBAN RENEWAL, LLC, C/O RUSSO DEVELOPMENT, 570 COMMERCE BOULEVARD, CARLSTADT, NEW JERSEY 07072, FOR A PROJECT TO CONSTRUCT TWO (2) NEW FIVE-STORY BUILDINGS CONSISTING OF APPROXIMATELY 269 MARKET RATE RESIDENTIAL RENTAL UNITS, THIRTY (30) ONE-BEDROOM AFFORDABLE HOUSING UNITS RESTRICTED TO TENANTS WITH A GROSS HOUSEHOLD INCOME EQUAL TO NO MORE THAN EIGHTY PERCENT (80%) OF THE MEDIAN GROSS HOUSEHOLD INCOME FOR HOUSEHOLDS OF THE SAME SIZE WITHIN THE HOUSING REGION AND ASSOCIATED PARKING, LOCATED AT 349-377 BROAD STREET AND 379-397 BROAD STREET, NEWARK, NEW JERSEY 07104 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 451, LOT 2 AND BLOCK 50, LOT 2. (CENTRAL WARD)
DEFERRED 8-a 060221
No Action Taken 6PSF-v (s) 081721
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WHEREAS, Broad Street Urban Renewal, LLC, c/o Russo Development, 570 Commerce Boulevard, Carlstadt, New Jersey 07072, 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 (2) new five (5) story buildings consisting of approximately two hundred sixty-nine (269) market rate residential rental units, thirty (30) one-bedroom affordable housing units restricted to tenants with a gross household income equal to no more than eighty percent (80%) of the median gross household income for households of the same size within the housing region, and associated parking, located at 349-377 Broad Street and 379-397 Broad Street, Newark, New Jersey 07104 and identified on the Official Tax Map of the City of Newark, as Block 451, Lot 2 and Block 50, Lot 2 (the "Project"); and
WHEREAS, the Mayor of the City of Newark has submitted the application and proposed Financial Agreement to the Municipal Council with his recommendation thereof, a copy of which is annexed hereto; and
WHEREAS, in accordance with Ordinance 6PSF...
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