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AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO MT. PLEASANT APARTMENTS URBAN RENEWAL, LLC, 4 LIBELLA COURT, NEWARK, NEW JERSEY, 07105, FOR A PROJECT TO CONSTRUCT A NEW FIVE STORY MULTIFAMILY RESIDENTIAL BUILDING CONSISTING OF TWENTY-FOUR (24) RESIDENTIAL RENTAL UNITS, CONSISTING OF NINETEEN (19) MARKET-RATE RESIDENTIAL RENTAL UNITS, (THE "MARKET RATE UNITS"), FIVE (5) AFFORDABLE HOUSING RENTAL UNITS, OF WHICH ONE (1) UNIT SHALL BE RESTRICTED TO TENANTS AT 40% OF AREA MEDIAN INCOME ("AMI"), TWO (2) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% AMI, AND TWO (2) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% AMI (ONE (1) ONE-BEDROOM UNIT AND ONE (1) TWO-BEDROOM UNIT), (COLLECTIVELY THE "INCOME RESTRICTED UNITS"), GROUND FLOOR PARKING AND ROOFTOP AMENITY SPACE, LOCATED AT 209-213 MOUNT PLEASANT AVENUE, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 440, LOT 26. (CENTRAL WARD)
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WHEREAS, Mt. Pleasant Apartments Urban Renewal, LLC, 4 Libella Court, Newark, New Jersey 07105, 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 to construct a new five story multifamily residential building consisting of twenty-four (24) residential rental units, consisting of nineteen (19) market-rate residential rental units, (the "Market Rate Units"), five (5) affordable housing rental units, of which one (1) unit shall be restricted to tenants at 40% of Area Median Income ("AMI"), two (2) units shall be restricted to tenants at 60% AMI, and two (2) units shall be restricted to tenants at 80% AMI (one (1) one-bedroom unit and one (1) two-bedroom unit) (collectively the "Income Restricted Units"), ground floor parking and rooftop amenity space, located at 209-213 Mount Pleasant Avenue, Newark, New Jersey and identified on the City's tax map as Block 440, Lot 26 (the "Project"); and
WHEREAS, the Mayor has submitted the ap...
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