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AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO 5 MERCHANT MANAGEMENT URBAN RENEWAL, LLC, 124 POLK STREET, #S-2, NEWARK, NEW JERSEY 07105, FOR A PROJECT TO CONSTRUCT A NEW FIVE (5) STORY, MULTI-FAMILY RESIDENTIAL BUILDING COMPRISED OF (21) RESIDENTIAL RENTAL UNITS (13) STUDIOS AND (8) ONE-BEDROOMS, CONSISTING OF (19) MARKET-RATE RESIDENTIAL RENTAL AND (2) AFFORDABLE HOUSING RENTAL UNITS, BOTH OF WHICH SHALL BE RESTRICTED TO TENANTS AT 60% AREA MEDIAN INCOME, AMENITIES INCLUDING A GYM, GAME ROOM, A CONFERENCE ROOM, STORAGE SPACE AND OFFICES, AND (6) OFF-STREET PARKING SPACES FOR RESIDENTS LOCATED AT 5-7 MERCHANT STREET, NEWARK, NEW JERSEY 07105 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 1993, LOT 3 (EAST WARD).
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WHEREAS, 5 Merchant Management Urban Renewal, LLC, 124 Polk Street, #S-2, Newark, New Jersey 07105 ("Entity"), 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 (20) year term for a project to construct a new five-story multi-family residential building comprised of twenty-one (21) residential rental units thirteen (13) studios and eight (8) one-bedrooms, consisting of nineteen (19) market-rate residential rental units (the "Market Rate Units") and two (2) affordable housing rental units, both of which shall be restricted to tenants at 60% of Area Median Income ("AMI") (the "Income Restricted Units"), amenities including a gym, game room, a conference room, storage space and offices, and six (6) off-street parking spaces for residents located at 5-7 Merchant Street, Newark, New Jersey 07105 and identified on the Official Tax Map of the City of Newark, as Block 1993, Lot 3 (East Ward) (collectively, the "Project"); and
WHEREAS, the Mayor of the City of Newark has submitted the application and proposed Financial Agreement to the Municipal Council with his recommendation thereof, a c...
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