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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO 50 SUSSEX REDEVELOPMENT URBAN RENEWAL, LLC, 54 HUDSON STREET, FREEHOLD, NEW JERSEY 07728, FOR A PROJECT TO CONSTRUCT A NEW (15) STORY BUILDING CONSISTING OF (173) MARKET RATE RESIDENTIAL RENTAL UNITS, (30) AFFORDABLE HOUSING RENTAL UNITS, OF WHICH (5) UNITS SHALL BE RESTRICTED TO TENANTS AT 40% OF AMI, (5) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% AMI AND (20) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% AMI, 2,475 SQUARE FEET OF COMMERCIAL SPACE AND (15) ON-SITE PARKING SPACES LOCATED AT 50-54 SUSSEX AVENUE AND 18 HOYT STREET, NEWARK, NEW JERSEY 07103 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2832, LOT 9 (FORMERLY LOTS 9 AND 2) (CENTRAL WARD).
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WHEREAS, 50 Sussex Redevelopment Urban Renewal, LLC, 54 Hudson Street, Freehold, New Jersey 07728, 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 thirty (30) year term for a project to construct a new fifteen (15) story building consisting of one hundred seventy-three (173) market rate residential rental units, thirty (30) affordable housing rental units, of which five (5) 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 twenty (20) units shall be restricted to tenants at 80% AMI, 2,475 square feet of commercial space and fifteen (15) on-site parking spaces located at 50-54 Sussex Avenue and 18 Hoyt Street, Newark, New Jersey 07103 and identified on the Official Tax Map of the City of Newark, as Block 2832, Lot 9 (formerly Lots 9 and 2) (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 6PS...
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