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AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR LONG TERM TAX ABATEMENT TO 300 GARSIDE MANAGEMENT URBAN RENEWAL LLC, 124 POLK STREET, #S-2, NEWARK, NEW JERSEY 07105, FOR A PROJECT, LOCATED IN THE NORTH WARD AT 300-304 GARSIDE STREET, NEWARK, NEW JERSEY 07104 AND IDENTIFIED AS BLOCK 559, LOT 10.03 ON THE TAX MAP OF THE CITY (THE "PROPERTY"), TO CONSTRUCT A NEW FIVE (5)-STORY RESIDENTIAL MULTIFAMILY DWELLING CONSISTING OF TWENTY-FIVE (25) AFFORDABLE HOUSING RESIDENTIAL UNITS, CONSISTING OF FIVE (5) ONE-BEDROOM UNITS, FIFTEEN (15) TWO-BEDROOM UNITS, AND FIVE (5) THREE-BEDROOM UNITS, AND NINETEEN (19) PARKING SPACES AS APPROVED BY THE ZONING BOARD OF ADJUSTMENT (COLLECTIVELY, THE "PROJECT") (NORTH WARD).
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WHEREAS, 300 Garside Management Urban Renewal LLC, 124 Polk Street, #S-2, 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-five (25) year term for a project located in the North Ward at 300-304 Garside Street, Newark, New Jersey 07104 and identified as Block 559, Lot 10.03 on the tax map of the City (the "Property") to construct a new five (5)-story residential multifamily dwelling consisting of twenty-five (25) affordable housing residential units, of which three (3) units (consisting of one (1) one-bedroom unit and two (2) two-bedroom units) shall be restricted to tenants up to 30% of the Area Median Income ("AMI"), nine (9) units (consisting of two (2) one-bedroom units, five (5) two-bedroom units, and two (2) three-bedroom units) shall be restricted to tenants up to 50% of AMI, and thirteen (13) units (consisting of two (2) one-bedroom units, eight (8) two-bedroom units, and three (3) three-bedroom units) shall be restricted to tenants up to 60% of AMI (collectively, the "Income Restricted Units"), and nineteen (19) parking spaces as approved by the September 12, 2024 Zoning Board of Adjustment Resolution (collectively, the "Pr...
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