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AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO STADIUM ROSE APARTMENTS URBAN RENEWAL, LLC, 421 BLOOMFIELD AVENUE, NEWARK, NEW JERSEY 07107, FOR A PROJECT TO CONSTRUCT A NEW FIVE (5) STORY MULTI-FAMILY BUILDING CONSISTING OF APPROXIMATELY TWENTY-FOUR (24) MARKET RATE RESIDENTIAL RENTAL UNITS, ELEVEN (11) AFFORDABLE HOUSING RENTAL UNITS IN ACCORDANCE WITH CITY ORDINANCE 6PSF-B, ADOPTED ON OCTOBER 4, 2017, AND THIRTY (30) PARKING SPACES, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 484-488 ROSEVILLE AVENUE AND 490-494 ROSEVILLE AVENUE, NEWARK, NEW JERSEY 07107 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 1966, LOTS 14 AND 11. (NORTH WARD)
DEFERRED 6PSF-k 120121
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WHEREAS, Stadium Rose Apartments Urban Renewal, LLC, 421 Bloomfield Avenue, Newark, New Jersey 07107, 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 (5) story multi-family building consisting of approximately twenty-four (24) market rate residential rental units (the "Market Rate Units"), eleven (11) affordable housing rental units in accordance with City Ordinance 6PSF-b, adopted on October 4, 2017 (the "Income Restricted Units"), and thirty (30) parking spaces, located on real property commonly known as 484-488 Roseville Avenue and 490-494 Roseville Avenue, Newark, New Jersey 07107 and identified on the Official Tax Map of the City of Newark, as Block 1966, Lots 14 and 11 (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, Stadium Rose Apartments Urban Renewal, LLC has filed with the City a sworn statement that it has not ...
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