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AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR TAX ABATEMENT TO CENTRAL POINTE URBAN RENEWAL, LLC, 260 BROADWAY, NEWARK NEW JERSEY 07104 FOR A PROJECT LOCATED AT 378-386 CENTRAL AVENUE, NEWARK, NEW JERSEY 07103 AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 1839, LOT 9 (FORMERLY TAX LOTS 7, 8, 9, AND 11) ON THE TAX MAP OF THE CITY (THE "PROPERTY") FOR A PROJECT INVOLVING THE DEMOLITION OF THE EXISTING ONE-STORY COMMERCIAL STRUCTURE AND CONSTRUCTION OF A NEW SIX-STORY MULTIFAMILY BUILDING WITH SEVEN-SEVEN (77) RESIDENTIAL RENTAL UNITS CONSISTING OF SIXTY-ONE (61) MARKET RATE RESIDENTIAL RENTAL UNITS (4 STUDIOS, 23 ONE-BEDROOMS, AND 34 TWO-BEDROOMS), SIXTEEN (16) AFFORDABLE HOUSING RENTAL UNITS (2 STUDIOS, 6 ONE-BEDROOMS, AND 8 TWO-BEDROOMS), FIFTEEN (15) OFF-STREET PARKING SPACES IN A FIRST FLOOR GARAGE, AN OUTDOOR TERRACE ON THE ROOF OF THE FIRST FLOOR, WHICH IS ACCESSIBLE TO THE APARTMENTS THAT FRONT ON IT, AND A CO-WORKING LOUNGE, MEZZANINE AND ROOFTOP GARDEN (CENTRAL WARD)
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WHEREAS, Central Pointe Urban Renewal, LLC, 260 Broadway, Newark, NJ 07104 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-Five (25) year term for a project located in the Central Ward at 378-386 Central Avenue, Newark, New Jersey 07103 and identified on the City's tax map as Block 1839, Lot 9 (formerly tax lots 7, 8, 9, and 11) (the "Property") for a project involving the demolition of the existing one-story commercial structure and construction of a new six-story multifamily building with seven-seven (77) residential rental units consisting of sixty-one (61) market rate residential rental units (4 studios, 23 one-bedrooms, and 34 two-bedrooms) (the "Market Rate Units"), sixteen (16) affordable housing rental units (2 studios, 6 one-bedrooms, and 8 two-bedrooms) (the "Income Restricted Units") with four (4) units restricted to tenants at 40% of Area Median Income ("AMI"), consis...
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