Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Application for Long-Term Tax Abatement
Purpose: To grant a long term tax abatement to 609 Broad Street, LLC under the HMFA law to rehabilitate an existing vacant four story building and construct a new six story building on the Property which will collectively contain approximately 80,000 square feet of retail space, approximately 182 residential units (with a unit mix of affordable and market rate units), and approximately 80,000 square feet of commercial, community and/or office uses, along with an underground parking garage.
Entity Name: 609 Broad Street, LLC
Entity Address: 1865 Palmer Avenue, Suite 203, Larchmont, New York 10538
Abatement Period: 30 years
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
609-633 Broad Street/Bock 18/Lot 39/Central Ward
Additional Information:
This property was previously granted two(2) Tax Abatements , which need to be rescinded.
Resolution 7RCS 120496 granted a fifteen (15) year tax abatement.
Ordinance 6S&FC 030205 granted a thirty (30) year tax abatement.
The requested PILOT formula is based on 6.28% of gross revenues.
No Action Taken 7R3-f 100213
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WHEREAS, as authorized under the New Jersey Housing and Mortgage Finance Agency Law of 1983, as amended and supplemented, N.J.S.A. 55:14K-1 et seq. (the "HMFA Law"), 609 Broad Street, LLC, a limited liability company having its principal office at 1865 Palmer Avenue, Suite 203, Larchmont, New York 10538 (the "Entity") submitted an application for the approval of a mixed used project on property located at 609-633 Broa...
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