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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT UNDER THE HMFA LAW TO SPRINGVIEW DEVELOPMENT GROUP, LLC, 1212 SPRINGFIELD AVENUE, IRVINGTON, NEW JERSEY 07111, FOR A PROJECT TO CONSTRUCT A NEW FIVE-STORY BUILDING CONSISTING OF (63) RESIDENTIAL UNITS, OF WHICH (5) UNITS RESERVED FOR HOMELESS SHALL HAVE A MAXIMUM RENTAL INCOME OF UP TO 20% OF AREA MEDIAN INCOME ("AMI"), (2) UNITS SHALL HAVE A MAXIMUM RENTAL INCOME OF UP TO 30% AMI, AND (56) UNITS SHALL HAVE A MAXIMUM RENTAL INCOME OF UP TO 60% AMI, AND RESIDENT AMENITY SPACE, A COMMUNITY ROOM, A FITNESS CENTER, AND APPROXIMATELY 2,304 SQUARE FEET OF GROUND LEVEL RETAIL/COMMERCIAL SPACE AND ON-SITE PARKING FOR (32) SPACES, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 569 SPRINGFIELD AVENUE, 565-567, SPRINGFIELD AVENUE, 563 SPRINGFIELD AVENUE, 559-561 SPRINGFIELD AVENUE, 643-653 SOUTH 11TH STREET, AND 644-646 SOUTH 12TH STREET, NEWARK, NEW JERSEY 07103 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2618, LOTS 1, 2, 3, 5, 7, 12, 13, 14, 15, 16, AND 17.
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WHEREAS, Springview Development Group, LLC, having its principal office at 1212 Springfield Avenue, Irvington, New Jersey 07111 (the "Entity") has applied for a long term tax exemption pursuant to the New Jersey Housing and Mortgage Finance Agency Law of 1983, as amended and supplemented, N.J.S.A. 55:14K-1 et seq. (the "HMFA Law") for a project to construct a new five-story mixed-use building, consisting of sixty-three (63) residential units consisting of twelve (12) one-bedroom units, thirty-five (35) two-bedroom units and sixteen (16) three-bedroom units, of which five (5) units reserved for homeless shall have a maximum rental income of up to 20% of Area Median Income ("AMI"), two (2) units shall have a maximum rental income of up to 30% AMI, and fifty-six (56) units shall have a maximum rental income of up to 60% AMI, and resident amenity space, a community room, a fitness center, and approximately 2,304 square feet of gro...
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