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AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR LONG TERM TAX ABATEMENT TO SUMMER AVENUE APARTMENTS URBAN RENEWAL, LLC, 4 LIBELLA COURT, NEWARK, NEW JERSEY 07105, FOR A PROJECT LOCATED IN THE NORTH WARD AT 828-832 SUMMER AVENUE, NEWARK, NEW JERSEY 07104 AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 815, LOT 12 (THE "PROPERTY"), TO CONSTRUCT A NEW FIVE (5) STORY MULTIFAMILY RESIDENTIAL BUILDING CONTAINING TWENTY-NINE (29) RESIDENTIAL RENTAL UNITS, CONSISTING OF TWENTY-THREE (23) MARKET-RATE UNITS AND SIX (6) INCOME-RESTRICTED UNITS, TOGETHER WITH SEVENTEEN (17) RENTAL PARKING SPACES, BICYCLE STORAGE FOR APPROXIMATELY THIRTY-TWO (32) BICYCLES, A FITNESS ROOM, A COMMUNITY ROOM/LOUNGE, AND A ROOFTOP DECK INCORPORATING A GREEN ROOF SYSTEM (THE "PROJECT") (NORTH WARD).
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WHEREAS, Summer Avenue Apartments Urban Renewal, LLC, 4 Libella Court, Newark, New Jersey 07105 (the “Entity”), 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 a new five (5) story multifamily residential building containing twenty-nine (29) residential rental units, consisting of twenty-three (23) market-rate residential rental units, comprised of sixteen (16) one-bedroom units and seven (7) two-bedroom units (collectively, the "Market-Rate Units"); six (6) affordable housing rental units, of which one (1) studio unit and one (1) two-bedroom unit shall be restricted to tenants at 40% of Area Median Income ("AMI"), one (1) studio unit and one (1) one-bedroom unit shall be restricted to tenants at 60% of AMI, and one (1) one-bedroom unit and one (1) two-bedroom unit shall be restricted to tenants at 80% of AMI (collectively, the "Income-Restricted Units"); seventeen (17) rental parking spaces; bicycle storage for approximately thirty-two (32) bicycles; a fitness room; a community room/lounge; and a rooftop deck incorporating a green roof system (co...
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