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AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR TAX ABATEMENT TO 74-78 WEBSTER URBAN RENEWAL LLC, 246 DANFORTH AVENUE, JERSEY CITY, NEW JERSEY, 07305, FOR A PROJECT TO DEMOLISH THE EXISTING STRUCTURES AND CONSTRUCT A NEW FIVE STORY MULTI-FAMILY BUILDING, WITH TWENTY-FIVE (25) RESIDENTIAL RENTAL UNITS CONSISTING OF TWENTY (20) MARKET-RATE RESIDENTIAL RENTAL UNITS, (THE "MARKET RATE UNITS"), FIVE (5) AFFORDABLE HOUSING RENTAL UNITS, OF WHICH TWO (2) UNITS SHALL BE RESTRICTED TO TENANTS AT 40% OF AREA MEDIAN INCOME ("AMI"), ONE (1) UNIT SHALL BE RESTRICTED TO TENANTS AT 60% AMI, AND TWO (2) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% AMI (COLLECTIVELY THE "INCOME RESTRICTED UNITS"), 780 SQUARE FEET OF GROUND FLOOR RETAIL/COMMERCIAL SPACE, A FITNESS CENTER, A COMMUNITY ROOM, AND A ROOFTOP DECK AMENITY AREA, LOCATED AT 74-78 WEBSTER STREET, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 481, LOT 24 (COMPRISING OF FORMER TAX LOTS 22, 23, 24). (CENTRAL WARD)
Deferred 6F-c 120424
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WHEREAS, 74-78 Webster Urban Renewal LLC, 246 Danforth Avenue, Jersey City, New Jersey, 07305, 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 demolish the existing structures and construct a new five story multi-family building, with twenty-five (25) residential rental units consisting of twenty (20) market-rate residential rental units, (the "Market Rate Units"), five (5) affordable housing rental units, of which two (2) units shall be restricted to tenants at 40% of Area Median Income ("AMI"), one (1) unit shall be restricted to tenants at 60% AMI, and two (2) units shall be restricted to tenants at 80% AMI) (collectively the "Income Restricted Units"), 780 square feet of ground floor retail/commercial space, a fitness center, a community room, and a rooftop deck amenity area, located at 74-78 Webster Street, Newark, New Jerse...
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