Title
AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR LONG TERM TAX ABATEMENT TO CONCEICAO HOMES URBAN RENEWAL LLC, 91 KOSSUTH STREET, NEWARK, NEW JERSEY 07105 FOR A PROJECT, LOCATED IN THE NORTH WARD AT 452-458 SUMMER AVENUE, NEWARK, NEW JERSEY 07104 AND IDENTIFIED AS BLOCK 625, LOT 17 (FORMERLY KNOWN AS LOTS 17 AND 24) ON THE TAX MAP OF THE CITY (THE "PROPERTY"), TO CONSTRUCT A NEW FIVE (5) STORY RESIDENTIAL BUILDING WITH SIXTY-FIVE (65) RESIDENTIAL UNITS, CONSISTING OF FIFTY-TWO (52) MARKET RATE RESIDENTIAL RENTAL UNITS (TWO (2) STUDIO UNITS, THIRTY-NINE (39) ONE-BEDROOM UNITS, AND ELEVEN (11) TWO-BEDROOM UNITS), (THE "MARKET RATE UNITS"), THIRTEEN (13) AFFORDABLE HOUSING RENTAL UNITS OF WHICH ONE (1) STUDIO UNIT AND TWO (2) ONE-BEDROOM UNITS SHALL BE RESTRICTED TO TENANTS AT 40% OF AREA MEDIAN INCOME ("AMI"), TWO (2) ONE-BEDROOM UNITS AND ONE (1) TWO-BEDROOM UNIT SHALL BE RESTRICTED TO TENANTS AT 60% OF AMI, AND FIVE (5) ONE-BEDROOM UNITS AND TWO (2) TWO-BEDROOM UNITS SHALL BE RESTRICTED TO TENANTS AT 80% OF AMI (THE "INCOME RESTRICTED UNITS") AND THIRTY-ONE (31) RENTAL PARKING SPACES, 800-QUARE FOOT LOUNGE, AND A 778-SQUARE FOOT GYM (COLLECTIVELY, THE "PROJECT") (NORTH WARD).
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WHEREAS, Conceicao Homes Urban Renewal LLC, 91 Kossuth Street, 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 452-458 Summer Avenue, Newark, New Jersey 07104 and identified as Block 625, Lot 17 (Formerly known as Lots 17 and 24) on the tax map of the City (the "Property") to construct a new five (5) story residential building with sixty-five (65) residential units, consisting of fifty-two (52) market rate residential rental units (two (2) studio units, thirty-nine (39) one-bedroom units, and eleven (11) two-bedroom units), (the "Market Rate Units"), thirteen (13) affordable housing rental ...
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