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AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR TAX ABATEMENT TO 10 COMMERCE NEWARK URBAN RENEWAL, LLC, 87 HALSEY STREET, 2nd FLOOR, NEWARK, NEW JERSEY 07102, FOR A PROJECT TO SIGNIFICANTLY REHABILITATE AN EXISTING BUILDING AND CONSTRUCT (88) MARKET RATE RESIDENTIAL RENTAL UNITS, (22) AFFORDABLE HOUSING RENTAL UNITS, OF WHICH (6) UNITS SHALL BE RESTRICTED TO TENANTS AT 40% AREA MEDIAN INCOME ("AMI"), (5) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% AMI AND (11) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% AMI AND 4,429 SQUARE FEET OF COMMERCIAL SPACE AT A CONDOMINIUM UNIT LOCATED AT 1136-1166 RAYMOND BOULEVARD, NEWARK, NEW JERSEY 07102 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 144.01, LOT 46.01, QUALIFIER C-1 (CENTRAL WARD).
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WHEREAS, 10 Commerce Newark Urban Renewal, LLC, 87 Halsey Street, 2nd Floor, Newark, New Jersey 07102, 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 twenty-five (25) year term for a project to significantly rehabilitate an existing building and construct eighty-eight (88) market rate residential rental units, twenty-two (22) affordable housing rental units, of which six (6) units shall be restricted to tenants at forty (40%) of Area Median Income ("AMI"), five (5) units shall be restricted to tenants at sixty (60%) AMI and eleven (11) units shall be restricted to tenants at eighty (80%) AMI and 4,429 square feet of commercial space at a condominium unit located at 1136-1166 Raymond Boulevard, Newark, New Jersey 07102 and identified on the Official Tax Map of the City of Newark, as Block 144.01, Lot 46.01, Qualifier C-1 (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 recommendation thereof, a copy of which is annexed hereto; and
WHEREAS, in accordance wi...
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