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AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR TAX ABATEMENT TO RIVERFRONT QUARTERS URBAN RENEWAL, LLC, 30 PRINCETON ROAD, LINDEN, NEW JERSEY 07036, FOR A PROJECT TO CONSTRICT A (64) RESIDENTIAL RENTAL UNITS CONSISTING OF (51) MARKET-RATE RESIDENTIAL RENTAL UNITS, (13) AFFORDABLE HOUSING RENTAL UNITS, OF WHICH (3) UNITS SHALL RESTRICTED TO TENANTS AT 40% OF THE AREA MEDIAN INCOME ("AMI"), (3) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% AMI, AND (7) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% AMI, ALONG WITH RESIDENTIAL AMENITIES, INCLUDING A FITNESS ROOM, A 997 SQUARE FOOT LOUNGE, ROOFTOP DECK AMENITY AREA, WHICH INCLUDES SEATING AREAS, AND A ROOFTOP PERGOLA, AND 8,712 SQUARE FEET OF COVERED PARKING LOCATED AT 638-646 RAYMOND BOULEVARD, NEWARK, NEW JERSEY 07105, AND IDENTIFIED ON THE OFFICIAL TAX MP OF THE CITY OF NEWARK, AS BLOCK 2020, LOT 4 (EAST WARD).
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WHEREAS, Riverfront Quarters Urban Renewal LLC, 30 Princeton Road, Linden, New Jersey, 07036 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 to construct sixty-four (64) residential rental units consisting of fifty-one (51) market-rate residential rental units (the "Market Rate Units"), thirteen (13) affordable housing rental units, of which three (3) units shall be restricted to tenants at 40% of Area Median Income ("AMI"), three (3) units shall be restricted to tenants at 60% AMI, and seven (7) units shall be restricted to tenants at 80% AMI (collectively, the "Income Restricted Units"), along with residential amenities including a fitness room, a 997 square foot lounge, rooftop deck amenity area, which includes seating areas, and a rooftop pergola, and 8,712 square feet of covered parking area located at 638-646 Raymond Boulevard, Newark, New Jersey and identified on the City's tax map as Block 2020, Lot 4 (collectively, the "Project"); and
WHEREAS, the May...
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