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AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR LONG TERM TAX ABATEMENT TO 1213-1221 ON BROAD URBAN RENEWAL, LLC, 36 CHRISTOPHER COLUMBUS BOULEVARD, JACKSON, NEW JERSEY 08527 FOR A PROJECT, LOCATED IN THE EAST WARD AT 1213 MAYOR KENNETH A. GIBSON BLVD., 1215-21 MAYOR KENNETH A. GIBSON BLVD., AND 124 MILLER ST., NEWARK, NEW JERSEY 07114 AND IDENTIFIED AS BLOCK 2797, LOTS 4, 5, AND 9 ON THE TAX MAP OF THE CITY (THE "PROPERTY"), TO CONSTRUCT A NEW 5 STORY BUILDING WITH SIXTY (60) RESIDENTIAL RENTAL UNITS CONSISTING OF FORTY-EIGHT (48) MARKET RATE RESIDENTIAL RENTAL UNITS (SIX (6) STUDIO UNITS, FORTY-ONE (41) ONE-BEDROOM UNITS, AND ONE (1) TWO-BEDROOM UNITS), (THE "MARKET RATE UNITS"), AND TWELVE (12) AFFORDABLE HOUSING RENTAL UNITS, OF WHICH THREE (3) UNITS SHALL BE RESTRICTED TO TENANTS AT 40% OF AREA MEDIAN INCOME ("AMI"), CONSISTING OF TWO (2) STUDIO UNITS AND ONE (1) ONE-BEDROOM UNIT, THREE (3) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% OF AMI, CONSISTING OF THREE (3) ONE-BEDROOM UNITS, AND SIX (6) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% OF AMI, CONSISTING OF THREE (3) ONE-BEDROOM UNITS, AND THREE (3) TWO-BEDROOM UNITS (THE "INCOME RESTRICTED UNITS"), FORTY-TWO (42) MONTHLY RENTAL PARKING SPACES, A GYM, AND ONE (1) ELEVATOR (COLLECTIVELY, THE "PROJECT") (EAST WARD)
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WHEREAS, 1213-1221 On Broad Urban Renewal LLC, 36 Christopher Columbus Boulevard, Jackson, New Jersey 08527 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 Twenty-Five (25) year term for a project located in the East Ward at 1213 Mayor Kenneth A. Gibson Blvd., 1215-21 Mayor Kenneth A. Gibson Blvd., and 124 Miller St., Newark, New Jersey 07114 and identified on the City's tax map as Block 2797, Lots 4, 5, and 9 (the "Property") to construct a new 5 story building with sixty (60) residential rental units consisting of forty-eight (48) market rate residential rental units (six (6) studio units...
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