Title
AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR TAX ABATEMENT TO WASHINGTON 303 URBAN RENEWAL, LLC, 207 WEST 25TH STREET, 9TH FLOOR, NEW YORK, NEW YORK 10001, FOR A PROJECT TO RENOVATE A FIVE-STORY COMMERCIAL BUILDING INTO A TEN-STORY MIXED-USE BUILDING CONSISTING OF (74) MARKET RATE RESIDENTIAL RENTAL UNITS, (18) AFFORDABLE HOUSING RENTAL UNITS, OF WHICH (4) UNITS SHALL BE RESTRICTED TO TENANTS AT 40% OF THE AREA MEDIAN INCOME ("AMI"), (5) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% AMI AND (9) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% AMI, AND 11,406 SQUARE FEET OF AMENITIES AND STORAGE SPACE LOCATED AT 303-309 WASHINGTON STREET, NEWARK, NEW JERSEY 07102 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 73, LOT 71 (CENTRAL WARD).
No Action Taken 6F-b 111323
Deferred 6PSF-b 120623
Deferred 6PSF-a 122023
Deferred 6PSF-a 011024
body
WHEREAS, Washington 303 Urban Renewal, LLC, 207 West 25th Street, 9th Floor, New York, New York 10001, filed an application with the Mayor of the City of Newark 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 renovate a five (5) story commercial building into a ten (10) story mixed-use building consisting of seventy-four (74) market rate residential rental units (the "Market Rate Units"), eighteen (18) affordable housing rental units, of which four (4) units shall be restricted to tenants at 40% of Area Median Income ("AMI"), five (5) units shall be restricted to tenants at 60% AMI and nine (9) units shall be restricted to tenants at 80% of AMI (the "Income Restricted Units"), and 11,406 square feet of amenities and storage space located at 303-309 Washington Street, Newark, New Jersey 07102 and identified on the Official Tax Map of the City of Newark, as Block 73, Lot 71 (collectively, the "Project"); and
WHEREAS, the Mayor of the City of Newark has submitted the application and proposed Financ...
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