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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO 1007-1009 BROAD 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 FORTY-EIGHT (48) MARKET RATE RESIDENTIAL RENTAL UNITS, EIGHT (8) AFFORDABLE HOUSING RENTAL UNITS, OF WHICH ONE (1) UNIT SHALL BE RESTRICTED TO TENANTS AT 40% OF AREA MEDIAN INCOME ("AMI"), TWO (2) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% OF AMI AND FIVE (5) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% OF AMI, TWENTY-SEVEN (27) OFF-STREET PARKING SPACES, AND 1,905 SQUARE FEET OF RETAIL SPACE LOCATED AT 1007-1009 MAYOR KENNETH A. GIBSON BOULEVARD, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 118, LOT 1 (CENTRAL WARD).
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WHEREAS, 1007-1009 Broad Development Urban Renewal LLC, 20 Washington Street, Suite 403, Cresskill, New Jersey 07626 ("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 six (6) story building consisting of forty-eight (48) market rate residential rental units, eight (8) affordable housing rental units, of which one (1) unit shall be restricted to tenants at 40% of Area Median Income ("AMI"), two (2) units shall be restricted to tenants at 60% of AMI and five (5) units shall be restricted to tenants at 80% of AMI, twenty-seven (27) off-street parking spaces and 1,905 square feet of retail space located at 1007-Mayor Kenneth A. Gibson Boulevard, Newark, New Jersey and identified on the City's tax map as Block 118, Lot 1, Central Ward (the "Project"); and
WHEREAS, the Mayor 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 fi...
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