Title
AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR TAX ABATEMENT TO FAIRMOUNT COMMONS URBAN RENEWAL ASSOCIATES, L.P., 77 PARK STREET, MONTCLAIR, NEW JERSEY 07042, FOR A PROJECT TO CONSTRUCT TWO (2) NEW BUILDINGS CONSISTING OF A TOTAL OF SIXTY-NINE (69) AFFORDABLE HOUSING RENTAL UNITS, OF WHICH FOUR (4) SHALL BE RENTED TO TENANTS AT 20% AREA MEDIAN INCOME ("AMI"), AT LEAST SEVEN (7) SHALL BE RENTED TO TENANTS AT 30% AMI AND FIFTY-EIGHT (58) SHALL BE RENTED TO TENANTS AT OR BELOW 60% AMI AND ONE (1) SUPERINTENDENT'S UNIT AND GROUND FLOOR EARLY CHILDHOOD EDUCATION SPACE, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 331-335 SOUTH 11TH STREET AND 381-395 SOUTH ORANGE AVENUE, NEWARK, NEW JERSEY 07103 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 1784, LOTS 6, 7, 8 AND 35. (EAST WARD)
No Action Taken 6PSF-ad (s) 081721
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WHEREAS, Fairmount Commons Urban Renewal Associates, L.P., 77 Park Street, Montclair, New Jersey 07042 (the "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 two (2) new buildings consisting of a total of sixty-nine (69) affordable housing rental units, of which: (i) four (4) shall be rented to tenants at 20% Area Median Income ("AMI"); (ii) at least seven (7) shall be rented to tenants at 30% AMI; and (iii) fifty-eight (58) shall be rented to tenants at or below 60% AMI and one (1) superintendent's unit (the "Housing Units"), and ground floor early childhood education space, located on real property commonly known as 331-335 South 11th Street and 381-395 South Orange Avenue, Newark, New Jersey 07103 and identified on the Official Tax Map of the City of Newark, as Block 1784, Lots 6, 7, 8 and 35 (collectively, the "Project"); and
WHEREAS, the Mayor of the City of Newark has submitted the application and proposed Financial Agreement to t...
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