Title
AN ORDINANCE GRANTING A TWENTY (20) YEAR LONG TERM TAX ABATEMENT TO NAIMOR S ORANGE URBAN RENEWAL LLC, 90 WASHINGTON ST., SUITE 307, EAST ORANGE, NEW JERSEY 07017 FOR A PROJECT, LOCATED IN THE WEST WARD AT 753 AND 755-757 SOUTH ORANGE AVENUE, NEWARK, NEW JERSEY 07106 AND IDENTIFIED AS BLOCK 4208, LOTS 12, 13 & 14 ON THE TAX MAP OF THE CITY (THE "PROPERTY"), TO CONSTRUCT A NEW FIVE (5) STORY MIXED-USE BUILDING WITH THIRTY-SIX (36) RESIDENTIAL DWELLINGS UNITS ON THE 2ND THROUGH 5TH FLOORS. THE THIRTY-SIX (36) RESIDENTIAL RENTAL UNITS ARE INCLUSIVE OF TWENTY-EIGHT (28) MARKET RATE RESIDENTIAL DWELLING RENTAL UNITS WITH SIXTEEN (16) ONE-BEDROOM UNITS AND TWELVE (12) TWO-BEDROOM UNITS (THE "MARKET RATE UNITS"), EIGHT (8) AFFORDABLE HOUSING RESIDENTIAL DWELLING RENTAL UNITS, OF WHICH THERE IS ONE (1) ONE-BEDROOM UNIT AND ONE (1) TWO-BEDROOM UNIT WHICH SHALL BE RESTRICTED TO TENANTS UP TO 40% OF AREA MEDIAN INCOME ("AMI"), ONE (1) ONE-BEDROOM UNIT AND ONE (1) TWO-BEDROOM UNIT BOTH OF WHICH SHALL BE RESTRICTED TO TENANTS UP TO 60% OF AMI, AND TWO (2) ONE-BEDROOM UNITS AND TWO (2) TWO-BEDROOM UNITS WHICH SHALL BE RESTRICTED TO TENANTS UP TO 80% OF AMI (COLLECTIVELY, THE "INCOME RESTRICTED UNITS"), AND APPROXIMATELY 2,722 SF OF RETAIL/COMMERCIAL SPACE ON THE GROUND FLOOR (THE "COMMERCIAL/RETAIL UNITS"), ELEVEN (11) PARKING SPACES, A GYM, LAUNDRY ROOM, ROOF DECK, ELEVATOR, AND THREE (3) MECHANICAL ROOMS, (COLLECTIVELY, THE "PROJECT") (WEST WARD).
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WHEREAS, Naimor S Orange 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 753 and 755-757 South Orange Avenue, Newark, New Jersey 07106, and identified as Block 4208, Lots 12, 13 & 14 on the tax map of the City (the "Property") to construct a new five (5) story mixed-use build...
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