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AN ORDINANCE GRANTING TWENTY-FIVE (25) YEAR LONG TERM TAX ABATEMENT TO SUW K URBAN RENEWAL, LLC, 20 W. 47TH STREET, SUITE 705, NEW YORK, NEW YORK 10036, FOR A PROJECT LOCATED THE EAST WARD AT 430-436 MARKET STREET, NEWARK, NEW JERSEY 07105 AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 176, LOT 1 (THE "PROPERTY") TO CONSTRUCT A NEW THIRTEEN (13) STORY MIXED USE BUILDING WITH TWO-HUNDRED TWENTY-FIVE (225) RESIDENTIAL RENTAL UNITS CONSISTING OF ONE HUNDRED NINETY-SIX (196) MARKET RATE RESIDENTIAL RENTAL UNITS, TWENTY-NINE (29) AFFORDABLE HOUSING RENTAL UNITS, 1,222 SQUARE FEET OF COMMERCIAL SPACE, AND SEVENTY (70) RENTAL PARKING SPACES, A 8,590 SQUARE FOOT AMENITY ROOM AND GYM, A TERRACE THAT WRAPS AROUND THE AMENITY SPACES (COLLECTIVELY, THE "PROJECT") (EAST WARD).
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WHEREAS, SUW K Urban Renewal, LLC, 20 W. 47th Street, Suite 705, New York, New York 10036 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 East Ward at 430-436 Market Street, Newark, New Jersey 07105 and identified on the City's tax map as Block 176, Lot 1 (the "Property") to construct a new thirteen (13) story mixed use building with two-hundred twenty-five (225) residential rental units consisting of one hundred ninety-six (196) market rate residential rental units (fifty-six (56) studio units, one-hundred nine (109) one-bedroom units, and thirty-one (31) two-bedroom units), (the "Market Rate Units"), twenty-nine (29) affordable housing rental units of which five (5) units shall be restricted to tenants at 40% of Area Median Income ("AMI"), consisting of two (2) studio units, two (2) one-bedroom units, and one (1) two-bedroom unit, seven (7) units shall be restricted to tenants at 60% of AMI, consisting of two (2) studio units, four (4) one-bedroom units, and one (1) two-bedroom unit, and seventeen (17) units shall be restricted to tenants a...
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