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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO THOMAS URBAN RENEWAL, LLC, 300 WILSON AVENUE, NEWARK NEW JERSEY 07105, FOR A PROJECT TO CONSTRUCT A NEW FIVE (5) STORY BUILDING CONSISTING OF (52) SENIOR AFFORDABLE HOUSING RENTAL UNITS, OF WHICH: (I) TWENTY (20) UNITS SHALL BE RENTED TO SENIOR TENANTS AT OR BELOW 30% AREA MEDIAN INCOME ("AMI"); (II) SIX (6) UNITS SHALL BE RENTED TO SENIOR TENANTS AT OR BELOW 40% AMI; (III) SIX (6) UNITS SHALL BE RENTED TO SENIOR TENANTS AT OR BELOW 50% AMI; AND (IV) TWENTY (20) UNITS SHALL BE RENTED TO SENIOR TENANTS AT OR BELOW 60% AMI AND TWENTY-ONE (21) ON-SITE PARKING SPACES, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 184-194 THOMAS STREET, NEWARK, NEW JERSEY 07114 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 1164, LOTS 10 AND 11. (EAST WARD)
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WHEREAS, Thomas Street Urban Renewal, LLC, 300 Wilson Avenue, Newark, New Jersey 07105, 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 five (5) story building consisting of fifty-two (52) senior affordable housing rental units, of which: (i) twenty (20) units shall be rented to senior tenants at or below 30% Area Median Income ("AMI"); (ii) six (6) units shall be rented to senior tenants at or below 40% AMI; (iii) six (6) units shall be rented to senior tenants at or below 50% AMI; and (iv) twenty (20) units shall be rented to senior tenants at or below 60% AMI and twenty-one (21) on-site parking spaces, located on real property commonly known as 184-194 Thomas Street, Newark, New Jersey 07114 and identified on the Official Tax Map of the City of Newark, as Block 1164, Lots 10 and 11 (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 recomm...
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