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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO GATEWAY LOFTS URBAN RENEWAL, LLC, OF NEWARK, NEW JERSEY 07105, FOR A PROJECT TO CONSTRUCT A RESIDENTIAL BUILDING CONSISTING OF (27) MARKET RATE RESIDENTIAL RENTAL UNITS, (31) AFFORDABLE HOUSING RENTAL UNITS, OF WHICH (6) UNITS SHALL BE RESTRICTED TO TENANTS AT 30% OF AREA MEDIAN INCOME ("AMI") AND (25) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% AMI, ALL IN ACCORDANCE WITH CITY ORDINANCE 6PSF-B, DULY ADOPTED ON OCTOBER 4, 2017, AS AMENDED AND SUPPLEMENTED, LOCATED AT 84-92 PARKHURST STREET, NEWARK, NEW JERSEY 07114 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 899, LOT 38 (EAST WARD).
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WHEREAS, Gateway Lofts Urban Renewal, LLC, 103 Magazine Street, Newark, New Jersey 07105 (the "Entity"), 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 thirty (30) year term for a project to construct a residential building consisting of twenty-seven (27) market rate residential rental units, thirty-one (31) affordable housing rental units, of which six (6) units shall be restricted to tenants at 30% of Area Median Income ("AMI") and twenty-five (25) units shall be restricted to tenants at 60% AMI, all in accordance with City Ordinance 6PSF-b, duly adopted on October 4, 2017, as amended and supplemented, located at 84-92 Parkhurst Street, Newark, New Jersey 07114 and identified on the Official Tax Map of the City of Newark, as Block 899, Lot 38, in the East Ward (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 with Ordinance 6PSF-a adopted May 4, 2011, the Entity has filed with the City a sworn statement that it has not made any contribution in violation of said Ordin...
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