Title
AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR TAX ABATEMENT TO ADL 605-607 BROAD URBAN RENEWAL, LLC, 218 HAMILTON AVENUE, BROOKLYN, NEW YORK 11231, FOR A PROJECT TO CONSTRUCT (84) RESIDENTIAL RENTAL UNITS CONSISTING OF (71) MARKET-RATE RESIDENTIAL RENTAL UNITS, (13) AFFORDABLE HOUSING RENTAL UNITS, OF WHICH (4) UNITS SHALL BE RESTRICTED TO TENANTS AT 40% OF AREA MEDIAN INCOME ("AMI"), (4) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% AMI AND (5) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% AMI, AND 20,000 SQUARE FEET OF COMMERCIAL SPACE LOCATED AT 605-607 BROAD STREET, NEWARK, NEW JERSEY 07102 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 18, LOTS 27, 28, AND 77 (CENTRAL WARD).
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WHEREAS, ADL 605-607 Broad Urban Renewal LLC, 218 Hamilton Avenue, Brooklyn, New York 11231 ("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-five (25) year term for a project to construct eighty-four (84) residential rental units consisting of seventy-one (71) market-rate residential rental units (the "Market Rate Units"), thirteen (13) affordable housing rental units, of which four (4) units shall be restricted to tenants at 40% of Area Median Income ("AMI"), four (4) units shall be restricted to tenants at 60% AMI and five (5) units shall be restricted to tenants at 80% AMI (the "Income Restricted Units"), and 20,000 square feet of commercial space located at 605-607 Broad Street, Newark, New Jersey and identified on the City's tax map as Block 18, Lots 27, 28 and 77 (Central 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 copy of which is annexed hereto; and
WHEREAS, in accordance with Ordinance 6PSF-a, adopted on May 4, 2011, the Entity has filed with...
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