Title
AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO 442-448 WASHINGTON DEVELOPMENT URBAN RENEWAL, LLC, 20 WASHINGTON STREET, SUITE 403, CRESSKILL, NEW JERSEY 07626, FOR A PROJECT TO CONSTRUCT A NEW SIX (6) STORY BUILDING CONSISTING OF (53) MARKET RATE RESIDENTIAL RENTAL UNITS, (10) AFFORDABLE HOUSING RENTAL UNITS, OF WHICH (2) UNITS SHALL BE RESTRICTED TO TENANTS AT 40% AREA MEDIAN INCOME ("AMI"), (3) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% OF AMI AND (5) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% OF AMI, (35) PARKING SPACES, AND 707 SQUARE FEET OF RETAIL SPACE LOCATED AT 442-448 WASHINGTON STREET, NEWARK, NEW JERSEY 07102 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 116, LOT 71 (CENTRAL WARD).
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WHEREAS, 442-448 Washington Development Urban Renewal, LLC, 20 Washington Street, Suite 403, Cresskill, New Jersey 07626 (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 thirty (30) year term, for a project to construct a new six (6) story building consisting of fifty-three (53) market rate residential rental units, ten (10) affordable housing rental units, of which two (2) units shall be restricted to tenants at 40% of Area Median Income ("AMI"), three (3) units shall be restricted to tenants at 60% of AMI, and five (5) units shall be restricted to tenants at 80% of AMI, thirty-five (35) parking spaces, and 707 square feet of retail space located at 442-448 Washington Street, Newark, New Jersey 07102 and identified on the Official Tax Map of the City of Newark, as Block 116, Lot 71 (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, the Entity has file...
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