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AN ORDINANCE GRANTING A TWENTY (20) YEAR LONG TERM TAX ABATEMENT TO MARBIM HOLDINGS URBAN RENEWAL, LLC, 90 WASHINGTON ST., SUITE 307, EAST ORANGE, NEW JERSEY 07017 FOR A PROJECT, LOCATED IN THE WEST WARD AT 247-249 STUYVESANT AVENUE, NEWARK, NEW JERSEY 07106 AND IDENTIFIED AS BLOCK 4100, LOT 75 ON THE TAX MAP OF THE CITY (THE "PROPERTY"), TO CONSTRUCT A NEW FOUR (4) STORY, MIXED USE BUILDING WITH ELEVEN (11) RESIDENTIAL UNITS CONSISTING OF EIGHT (8) MARKET RATE RESIDENTIAL RENTAL UNITS (FOUR (4) ONE-BEDROOM UNIT, TWO (2) TWO-BEDROOM UNITS, AND TWO (2) THREE-BEDROOM UNITS), (THE "MARKET RATE UNITS"), THREE (3) AFFORDABLE HOUSING RENTAL UNITS OF WHICH ONE (1) ONE-BEDROOM UNIT SHALL BE RESTRICTED TO TENANTS AT 40% OF AREA MEDIAN INCOME ("AMI") ONE (1) TWO-BEDROOM UNIT SHALL BE RESTRICTED TO TENANTS AT 60% OF AMI, AND ONE (1) THREE-BEDROOM UNIT SHALL BE RESTRICTED TO TENANTS AT 80% OF AMI (THE "INCOME RESTRICTED UNITS"), AND 978 SQUARE FEET OF COMMERCIAL SPACE (THE "RETAIL"), (COLLECTIVELY, THE "PROJECT") (WEST WARD).
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WHEREAS, Marbim Holdings Urban Renewal, LLC, 90 Washington St., Suite 307, East Orange, New Jersey 07017, 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 (20) year term for a project located in the West Ward at 247-249 Stuyvesant Avenue, Newark, New Jersey 07106, and identified as Block 4100, Lot 75 on the tax map of the City (the "Property") to construct a new four (4) story, mixed use building with eleven (11) residential units consisting of eight (8) market rate residential rental units (four (4) one-bedroom unit, two (2) two-bedroom units, and two (2) three-bedroom units), (the "Market Rate Units"), three (3) affordable housing rental units of which one (1) one-bedroom unit shall be restricted to tenants at 40% of Area Median Income ("AMI") one (1) two-bedroom unit shall be restricted to tenants at 60% of AMI, and one (1) three-...
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