Title
Dept./ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Estoppel Certificate
Purpose: Issuance of Estoppel Certificate certifying the status of the Financial Agreement.
Entity Name: 1007-1009 Broad Development Urban Renewal LLC
Entity Address: 20 Washington Street, Suite 403, Cresskill, New Jersey 07626
Sale Amount: $0.00
Cost Basis: ( ) $ PSF ( ) Negotiated (X) N/A ( ) Other:
Assessed Amount: $0.00
Appraised Amount: $0.00
Contract Period: Not Applicable
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a
List of Property:
(Address/Block/Lot/Ward)
1007-1009 Mayor Kenneth A. Gibson Boulevard, Newark, New Jersey 07102, Block 118, Lot 1 /Central Ward
Additional Information:
Ordinance 6PSF-b, adopted on October 1, 2025, authorized the Financial Agreement.
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WHEREAS, pursuant to Ordinance 6PSF-b, adopted on October 1, 2025, the Municipal Council granted a thirty (30) year tax abatement to 1007-1009 Broad Development Urban Renewal LLC, 20 Washington Street, Suite 403, Cresskill, New Jersey 07626, under the provisions of the Long Term Tax Exemption Law as amended and supplemented, N.J.S.A. 40A:20-1, et seq. (the "Long Term Tax Exemption Law"), for a project located in the Central Ward at 1007-1009 Mayor Kenneth A. Gibson Boulevard, Newark, New Jersey 07102, and identified on the City's tax map as Block 118, Lot 1 (the "Property") to construct a new six (6) story building consisting of forty-eight (48) market rate residential rental units (the "Market Rate Units"), eight (8) affordable housing rental units, of which one (I) unit shall be restricted to tenants at 40% of Area Median Income ("AMI''), two (2) units shall be restricted to tenants at 60% of AMI and five (5) units shall be...
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