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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT UNDER THE HMFA LAW TO FULTON STREET NEWARK, LLC, HAVING ITS PRINCIPAL OFFICE AT BERGER ORGANIZATION, ROBERT TREAT CENTER, FIFTY PARK PLACE, NEWARK, NEW JERSEY 07102 FOR A PROJECT TO CONSTRUCT A NEW MULTI-FAMILY HOUSING PROJECT, CONSISTING OF THREE HUNDRED AND NINETY-SIX (396) RESIDENTIAL UNITS, OF WHICH THREE HUNDRED SIXTEEN (316) ARE MARKET RATE RESIDENTIAL RENTAL UNITS (THE "MARKET RATE UNITS"), OF WHICH EIGHTY (80) ARE AFFORDABLE RENTAL UNITS, OF WHICH FIVE (5) TRANSITIONAL HOUSING UNITS SHALL BE RESTRICTED TO TENANTS AT 30% OF THE AREA MEDIAN INCOME ("AMI"), WHICH INCLUDE TWO (2) TWO-BEDROOM APARTMENTS AND THREE (3) ONE-BEDROOM APARTMENTS, FORTY-SEVEN (47) UNITS SHALL BE RESTRICTED TO TENANTS AT 50% OF THE AMI, WHICH INCLUDE NINETEEN (19) STUDIO APARTMENTS, TWENTY-TWO (22) ONE-BEDROOM APARTMENTS, AND SIX (6) TWO-BEDROOM APARTMENTS, AND TWENTY-EIGHT (28) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% OF THE AMI, WHICH INCLUDE FOURTEEN (14) STUDIO APARTMENTS, THIRTEEN (13) ONE-BEDROOM APARTMENTS, AND ONE (1) TWO-BEDROOM APARTMENT (THE "INCOME RESTRICTED UNITS"), 4,726 SQUARE FEET OF GROUND FLOOR COMMERCIAL SPACE (THE "RETAIL"), AND A 107-CAR PARKING GARAGE, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 16-32 FULTON STREET, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 14, LOT 43 (FORMERLY KNOWN AS BLOCK 43, 44, 45, 46, 47, 48, 49, 50, AND 51). (CENTRAL WARD)
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WHEREAS, Fulton Street Newark LLC, having its principal office at Berger Organization, Robert Treat Center, Fifty Park Place, Newark, New Jersey 07102 (the "Entity") has applied for a long term tax exemption pursuant to 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") for a project to construct a new multi-family housing project, consisting of three hundred and ninety-six (396) residential units, of which three hundred sixteen (316)...
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