Title
AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO ELIZABETH URBAN DEVELOPMENT URBAN RENEWAL, LLC, 7 GLENWOOD AVENUE, SUITE 418, EAST ORANGE, NEW JERSEY 07017, FOR A PROJECT TO CONSTRUCT A FIVE-STORY BUILDING CONSISTING OF (22) MARKET RATE RESIDENTIAL UNITS, (7) AFFORDABLE HOUSING RENTAL UNITS, OF WHICH (3) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% OF AREA MEDIAN INCOME ("AMI") AND (4) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% AMI (THE "INCOME RESTRICTED UNITS") AND 2,000 SQUARE FEET OF GROUND FLOOR RETAIL, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 89-93 ELIZABETH AVENUE, NEWARK, NEW JERSEY 07108 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2672, LOTS 14 AND 16 (SOUTH WARD).
body
WHEREAS, Elizabeth Urban Development Urban Renewal, LLC, 7 Glenwood Avenue, Suite 418, East Orange, New Jersey 07017, 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 (20) year term for a project to construct a five (5) story building consisting of twenty-two (22) market rate residential units (the "Market Rate Units"), seven (7) affordable housing rental units, of which three (3) units shall be restricted to tenants at 60% of Area Median Income ("AMI") and four (4) units shall be restricted to tenants at 80% AMI (the "Income Restricted Units") and 2,000 square feet of ground floor retail, located on real property commonly known as 89-93 Elizabeth Avenue, Newark, New Jersey 07108 and identified on the Official Tax Map of the City of Newark, as Block 2672, Lots 14 and 16 (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 with Ordinance 6PSF-a adopted on May 4, 2011, Elizabeth Urban Development Urban Renew...
Click here for full text