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: Broad Street Urban Renewal, LLC
Entity Address: c/o Russo Development, 570 Commerce Boulevard, Carlstadt, New Jersey 07072
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)
349-377 Broad Street/Block 451/Lot 2/Central Ward
379-397 Broad Street/Block 50/Lot 2/Central Ward
Additional Information:
Ordinance 6PSF-v(S), adopted on August 19, 2021, authorized the Financial Agreement.
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WHEREAS, pursuant to Ordinance 6PSF-v(S) adopted on August 19, 2021, the Municipal Council granted a thirty (30) year tax abatement to Broad Street Urban Renewal, LLC, c/o Russo Development, 570 Commerce Boulevard, Carlstadt, New Jersey 07072, 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 to construct two (2) new five-story buildings consisting of approximately (269) market rate residential rental units, (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 4...
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