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AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO 440 ELIZABETH NJ URBAN RENEWAL, LLC, 33 OSTILLA AVENUE, NEW SQUARE, NEW JERSEY 10977, FOR A PROJECT TO RENOVATE AND REHABILITATE A VACANT AND EXISTING TWENTY-FIVE-STORY HIGH-RISE RESIDENTIAL BUILDING CONSISTING OF (216) UNITS, OF WHICH (190) UNITS SHALL BE MARKET RATE RESIDENTIAL RENTAL UNITS, CONSISTING OF (48) ONE-BEDROOM UNITS, (120) TWO-BEDROOM UNITS AND (48) THREE-BEDROOM UNITS (THE "MARKET RATE UNITS") AND (26) UNITS SHALL BE AFFORDABLE HOUSING RENTAL UNITS, OF WHICH (16) ONE-BEDROOM UNITS SHALL BE RESTRICTED TO TENANTS AT 80% OF THE AREA MEDIAN INCOME ("AMI"), (5) TWO-BEDROOM UNITS SHALL BE RESTRICTED TO TENANTS AT 60% OF AMI, AND (5) THREE-BEDROOM UNITS SHALL BE RESTRICTED TO TENANTS AT 80% OF AMI (THE "INCOME RESTRICTED UNITS"), A (104) PARKING SPACE GARAGE, AND 107 SQUARE FEET OF FLOOR AREA SPACE ON THE GROUND FLOOR CONTAINING A RECEPTION AREA, GYM, PARTY ROOM, AN OFFICE, MAIL ROOM, TRASH ROOM, (3) STORAGE ROOMS, LAUNDRY SPACE, MECHANICAL ROOM AND BATHROOMS, LOCATED AT 203-221 MEEKER AVENUE, NEWARK, NEW JERSEY 07114 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 3546.01, LOT 1. (SOUTH WARD)
Deferred 6PSF-c 120424
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WHEREAS, 440 Elizabeth NJ Urban Renewal, LLC, 33 Ostilla Avenue, New Square, New Jersey 10977, 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 renovate and rehabilitate a vacant and existing twenty-five (25) story high-rise residential building consisting of two hundred-sixteen (216) units, of which one hundred-ninety (190) units shall be market rate residential rental units, consisting of forty-eight (48) one-bedroom units, one hundred-twenty (120) two-bedroom units and forty-eight (48) three-bedroom units (the "Market Rate Units") and twenty-six (26) units shall be affordable housing rental units, of which sixteen ...
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