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AN ORDINANCE GRANTING A FIFTEEN (15) YEAR LONG TERM TAX ABATEMENT TO S.A.T. URBAN RENEWAL ENTITY LLC, 156 ELIZABETH AVENUE, NEWARK, NEW JERSEY 07108, FOR A PROJECT, LOCATED IN THE SOUTH WARD AT 142-144 ELIZABETH AVENUE, NEWARK, NEW JERSEY 07108 AND IDENTIFIED AS BLOCK 2776, LOT 8 (FORMERLY LOTS 8 & 9) ON THE TAX MAP OF THE CITY (THE "PROPERTY"), TO CONSTRUCT A NEW FIVE (5)-STORY MIXED USE BUILDING WITH TWENTY (20) RESIDENTIAL DWELLING UNITS CONSISTING OF SIXTEEN (16) MARKET RATE RESIDENTIAL UNITS WITH TWO (2) ONE-BEDROOM UNITS AND FOURTEEN (14) TWO-BEDROOM UNITS, FOUR (4) AFFORDABLE HOUSING RESIDENTIAL DWELLING RENTAL UNITS WITH ONE (1) TWO-BEDROOM UNIT WHICH SHALL BE RESTRICTED TO TENANTS UP TO 40% OF AREA MEDIAN INCOME ("AMI"), TWO (2) UNITS CONSISTING OF ONE (1) ONE-BEDROOM UNIT AND ONE (1) TWO-BEDROOM UNIT BOTH OF WHICH SHALL BE RESTRICTED TO TENANTS UP TO 60% OF AMI, AND ONE (1) ONE-BEDROOM UNIT WHICH SHALL BE RESTRICTED TO TENANTS UP TO 80% OF AMI, AND FOUR (4) COMMERCIAL/RETAIL UNITS ON THE GROUND FLOOR CONSISTING OF 386 SQ. FT., A COMMUNITY ROOM, A HALF BATHROOM, A MAIL ROOM, A PACKAGE ROOM, A MECHANICAL/TRASH ROOM, AND BIKE STORAGE (COLLECTIVELY, THE "PROJECT") (SOUTH WARD).
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WHEREAS, S.A.T. Urban Renewal Entity LLC, 156 Elizabeth Avenue, Newark, New Jersey 07108 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 fifteen (15) year term for a project located in the South Ward at 142-144 Elizabeth Avenue and identified as Block 2776, Lot 8 (formerly Lots 8 & 9) on the tax map of the City (the "Property") to construct a new five (5)-story mixed use building with twenty (20) residential rental units located on the second, third, fourth and fifth floors of the building and are inclusive of sixteen (16) market rate residential dwelling rental units with two (2) one-bedroom units and fourteen (14) two-bedroom units (the "Market Rate Units"), four (4) af...
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