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AN ORDINANCE GRANTING A TWENTY (20) YEAR LONG TERM TAX ABATEMENT TO 518 S 16TH ST URBAN RENEWAL LLC, 59 LINCOLN PARK, SUITE 375, NEWARK, NEW JERSEY 07102 FOR A PROJECT, LOCATED IN THE WEST WARD AT 518-530 S. 16TH STREET, NEWARK, NEW JERSEY AND IDENTIFIED AS BLOCK 333, LOT 58.01 (FORMERLY LOTS 58, 59, AND 64) ON THE TAX MAP OF THE CITY (THE "PROPERTY"), TO CONSTRUCT A NEW LOW-RISE MULTI-FAMILY BUILDING WITH TWENTY (20) RESIDENTIAL DWELLINGS UNITS SEPARATED INTO 5 NEARLY IDENTICAL MODULES THAT WILL BE ARRANGED LINEARLY TO CREATE ONE LARGER BUILDING (SIMILAR TO A TOWNHOME CONSTRUCTION) AND TEN (10) PARKING SPACES. EACH MODULE WILL CONTAIN A TWO (2) CAR GARAGE AND FOUR (4) RESIDENTIAL UNITS. THE TWENTY (20) RESIDENTIAL RENTAL UNITS ARE INCLUSIVE OF SIXTEEN (16) MARKET RATE RESIDENTIAL DWELLING RENTAL UNITS WITH THIRTEEN (13) THREE-BEDROOM UNITS AND THREE (3) ONE-BEDROOM UNITS (THE "MARKET RATE UNITS"), AND FOUR (4) AFFORDABLE HOUSING RESIDENTIAL DWELLING RENTAL UNITS, OF WHICH THERE ARE TWO (2) ONE-BEDROOM UNITS AND TWO (2) THREE-BEDROOM UNITS, ALL OF WHICH SHALL BE RESTRICTED TO TENANTS AT 30% OF AREA MEDIAN INCOME ("AMI") (COLLECTIVELY, THE "INCOME RESTRICTED UNITS"), (COLLECTIVELY, THE "PROJECT") (WEST WARD).
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WHEREAS, 518 S 16th St. Urban Renewal LLC, 59 Lincoln Park, Suite 375, Newark, New Jersey 07102 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 (20) year term for a project located in the West Ward at 518-530 S. 16th Street, Newark, New Jersey and identified as Block 333, Lot 58.01 (Formerly Lots 58, 59, and 64) on the tax map of the City (the "Property") to construct a new low-rise multi-family building with twenty (20) residential dwellings units separated into 5 nearly identical modules that will be arranged linearly to create one larger building (similar to a townhome construction) and ten (10) parking spaces. Each module will contai...
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