Title
AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO 648-652 RAYMOND BOULEVARD URBAN RENEWAL, LLC, 449 EAST 18TH STREET, PATERSON, NEW JERSEY 07524, FOR A PROJECT TO CONSTRUCT A NEW (5) STORY BUILDING CONSISTING OF (96) MARKET RATE RESIDENTIAL RENTAL UNITS, (24) AFFORDABLE HOUSING RENTAL UNITS, OF WHICH (6) UNITS SHALL BE RESTRICTED TO TENANTS AT 40% OF AREA MEDIAN INCOME ("AMI"), (6) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% AMI AND (12) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% AMI, 2,800 SQUARE FEET OF GROUND FLOOR RETAIL SPACE AND (89) ON-SITE PARKING SPACES LOCATED AT 648-652 RAYMOND BOULEVARD, NEWARK, NEW JERSEY 07105 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2020, LOT 1 (EAST WARD).
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WHEREAS, 648-652 Raymond Boulevard Urban Renewal, LLC, 449 East 18th Street, Paterson, New Jersey 07524 ("Entity"), 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 thirty (30) year term for a project to construct a new (5) story building consisting of ninety-six (96) market rate residential rental units, twenty-four (24) affordable housing rental units, of which six (6) units shall be restricted to tenants at 40% of Area Median Income ("AMI"), six (6) units shall be restricted to tenants at 60% AMI and twelve (12) units shall be restricted to tenants at 80% AMI, all in accordance with City Ordinance 6PSF-b, duly adopted October 4, 2017, as amended and, 2,800 square feet of ground floor retail space and eighty-nine (89) on-site parking spaces located at 648-652 Raymond Boulevard, Newark, New Jersey 07105 and identified on the Official Tax Map of the City of Newark, as Block 2020, Lot 1 (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 accorda...
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