Title
AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR LONG TERM TAX ABATEMENT TO 824 S20th MANAGEMENT URBAN RENEWAL Entity, LLC, 124 POLK STREET, #S-2, NEWARK, NEW JERSEY 07105, FOR A PROJECT, LOCATED IN THE SOUTH WARD AT 824-830 S 20TH STREET NEWARK, NEW JERSEY 07104 AND IDENTIFIED AS BLOCK 2642, LOT 41 ON THE TAX MAP OF THE CITY (THE "PROPERTY"), TO CONSTRUCT A NEW FOUR (4)-STORY RESIDENTIAL MULTIFAMILY DWELLING CONSISTING OF TWENTY-FIVE (25) AFFORDABLE HOUSING RESIDENTIAL UNITS, CONSISTING OF FIVE (5) ONE-BEDROOM UNITS, FIFTEEN (15) TWO-BEDROOM UNITS, AND FIVE (5) THREE-BEDROOM UNITS, NINETEEN (19) PARKING SPACES, A 932 SQUARE FEET TENANT AMENITY ROOM, LOBBY, ELEVATOR, STAIRWELL, MAIL ROOM, TRASH AND RECYCLING ROOM, AND A COMMON LAUNDRY ROOM (COLLECTIVELY, THE "PROJECT") (SOUTH WARD).
body
WHEREAS, 824 S20th Management Urban Renewal Entity LLC, 124 Polk Street, #S-2, Newark, New Jersey 07105 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 located in the South Ward at 824-830 S. 20th Street, Newark, New Jersey and identified as Block 2642, Lot 41 on the tax map of the City (the "Property") to construct a new four (4)-story residential multifamily dwelling consisting of twenty-five (25) affordable housing residential units, of which three (3) units (consisting of one (1) one-bedroom unit and two (2) two-bedroom units) shall be restricted to tenants up to 30% of the Area Median Income ("AMI"), nine (9) units (consisting of two (2) one-bedroom units, five (5) two-bedroom units, and two (2) three-bedroom units) shall be restricted to tenants up to 50% of AMI, and thirteen (13) units (consisting of two (2) one-bedroom units, eight (8) two-bedroom units, and three (3) three-bedroom units) shall be restricted to tenants up to 60% of AMI (collectively, the "Income Restricted Units"), nineteen (19) parking spaces as approved by the Sep...
Click here for full text