Title
AN ORDINANCE GRANTING A TWENTY (20) YEAR LONG TERM TAX ABATEMENT TO GOMES GREEN URBAN RENEWAL, LLC, 91 KOSSUTH STREET, NEWARK, NEW JERSEY 07105 FOR A PROJECT, LOCATED IN THE EAST WARD AT 64-68 EMMET STREET, NEWARK, NEW JERSEY 07114 AND IDENTIFIED AS BLOCK 2807, LOT 9.02 ON THE TAX MAP OF THE CITY (THE "PROPERTY"), TO CONSTRUCT TWENTY-EIGHT (28) RESIDENTIAL RENTAL UNITS CONSISTING OF TWENTY-TWO (22) ONE-BEDROOM MARKET RATE RESIDENTIAL RENTAL UNITS, (THE "MARKET RATE UNITS") AND SIX (6) AFFORDABLE HOUSING RENTAL UNITS OF WHICH ONE (1) ONE-BEDROOM UNIT SHALL BE RESTRICTED TO TENANTS AT 40% OF AREA MEDIAN INCOME ("AMI"), TWO (2) ONE-BEDROOM UNITS SHALL BE RESTRICTED TO TENANTS AT 60% OF AMI, AND THREE (3) ONE-BEDROOM UNITS SHALL BE RESTRICTED TO TENANTS AT 80% OF AMI (THE "INCOME RESTRICTED UNITS") AND EIGHTEEN (18) PARKING SPACES (COLLECTIVELY, THE "PROJECT") (EAST WARD).
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WHEREAS, Gomes Green Urban Renewal, LLC, 91 Kossuth Street, Newark, New Jersey 07105 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 East Ward at 64-68 Emmet Street, Newark, New Jersey 07114 and identified as Block 2807, Lot 9.02 on the tax map of the City (the "Property") to construct twenty-eight (28) residential rental units consisting of twenty-two (22) one-bedroom market rate residential rental units, (the "Market Rate Units") and six (6) affordable housing rental units of which one (1) one-bedroom unit shall be restricted to tenants at 40% of Area Median Income ("AMI"), two (2) one-bedroom units shall be restricted to tenants at 60% of AMI, and three (3) one-bedroom units shall be restricted to tenants at 80% of AMI (the "Income Restricted Units") and eighteen (18) parking spaces (collectively, the "Project"); and
WHEREAS, the Mayor has submitted the application and proposed Financial Agreement to the Municipal Council with his ...
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