Title
AN ORDINANCE GRANTING A THIRTY FIVE (35) YEAR TAX ABATEMENT TO WEST MARKET OWNERS, LLC, 1865 PALMER AVENUE, SUITE 203, LARCHMONT, NEW YORK 10538, FOR A PROJECT TO CONSTRUCT APPROXIMATELY SEVENTY-EIGHT (78) AFFORDABLE HOUSING RENTAL UNITS RESTRICTED TO RESIDENTS WITH A GROSS HOUSEHOLD INCOME EQUAL TO NO MORE THAN EIGHTY PERCENT (80%) OF THE MEDIAN GROSS HOUSEHOLD INCOME FOR HOUSEHOLDS OF THE SAME SIZE WITHIN THE HOUSING REGION, WITH THE AVERAGE GROSS HOUSEHOLD INCOME EQUAL TO NO MORE THAN SIXTY PERCENT (60%) OF THE MEDIAN GROSS HOUSEHOLD INCOME FOR HOUSEHOLDS OF THE SAME SIZE WITHIN THE HOUSING REGION, INCLUDING APPROXIMATELY SIXTEEN (16) UNITS FOR RESIDENTS WITH SPECIAL NEEDS AND APPROXIMATELY EIGHT THOUSAND (8,000) SQUARE FEET OF HEALTHCARE SPACE PROPOSED TO BE INITIALLY TENANTED OR OPERATED BY UNIVERSITY HOSPITAL, LOCATED AT 4-22 LITTLETON AVENUE AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 1808, LOT 1.02. (WEST WARD)
DEFERRED 6F-b021821
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WHEREAS, West Market Owners, LLC, 1865 Palmer Avenue, Suite 203, Larchmont, New York 10538 (the "Entity"), filed an application with the City of Newark (the "City") seeking 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 thirty five (35) year term for a project to construct approximately seventy-eight (78) affordable housing rental units restricted to residents with a gross household income equal to no more than eighty percent (80%) of the median gross household income for households of the same size within the housing region, with the average gross household income equal to no more than sixty percent (60%) of the median gross household income for households of the same size within the housing region, including approximately sixteen (16) units for such residents with special needs and approximately eight thousand (8,000) square feet of healthcare space ...
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