Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Assignment of Contract Agreement
Purpose: Resolution consenting to the Assignment of the Financial Agreement from Riverfront Quarters Urban Renewal, LLC, to Riverview Lofts Urban Renewal, LLC for a Residential Rental Project located at 638-646 Raymond Boulevard, Newark, New Jersey 07105 and identified on the Official Tax Map of the City of Newark, as Block 2020, Lot 4.
Entity Name: Riverview Lofts Urban Renewal, LLC
Entity Address: 1405 N Broad Street, Hillside, NJ 07205
Abatement Period: Term of tax abatement remaining years upon transfer.
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a
List of Property:
(Address/Block/Lot/Ward)
(638-646 Raymond Boulevard, Newark, New Jersey 07105 and identified on the Official Tax Map of the City of Newark, as Block 2020, Lot 4
Additional Information:
Original tax abatement granted by Ordinance 6PSF-d 091824
body
WHEREAS, on September 18, 2024, the Municipal Council adopted Ordinance 6PSF-d granting a long term tax abatement to Riverfront Quarters Urban Renewal, LLC, 30 Princeton Road, Linden, New Jersey 07036 (the "Assignor") pursuant to the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq. for the construction of sixty-four (64) residential rental units consisting of fifty-one (51) market-rate residential rental units (the "Market Rate Units"), thirteen (13) affordable housing rental units, of which three (3) units shall be restricted to tenants at 40% of Area Median Income ("AMI"), three (3) units shall be restricted to tenants at 60% AMI, and seven (7) units shall be restricted to tenants at 80% AMI (collectively, the "Income Restricted Units"), along with residential amenities including a fitness r...
Click here for full text