Title
AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO ESSEX PLAZA LAND ONE, LLC, HAVING ITS PRINCIPAL OFFICE AT C/O FAIRSTEAD, 250 WEST 55TH STREET, 35TH FLOOR, NEW YORK, NEW YORK, 10019, FOR A PROJECT TO CONSTRUCT A NEW (6) STORY BUILDING CONSISTING OF (241) AFFORDABLE HOUSING RENTAL UNITS RESTRICTED TO TENANTS AT 60% OF AREA MEDIAN INCOME ("AMI") OR LESS (THE "HOUSING UNITS"), APPROXIMATELY 4,875 SQUARE FEET OF COMMERCIAL SPACE AND (200) PARKING SPACES, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 105-137 ORCHARD STREET, NEWARK, NEW JERSEY 07102 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 892, LOT 24 (EAST WARD).
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WHEREAS, Essex Plaza Land One, LLC, c/o Fairstead, 250 West 55th Street, 35th Floor, New York, New York, 10019 (the "Entity") has applied for a long term tax exemption, pursuant to the New Jersey Housing and Mortgage Finance Agency Law of 1983, as amended and supplemented, N.J.S.A. 55:14K-1 et seq., (the "NJHMFA Law") for a project to construct a new six (6) story building consisting of two hundred forty-one (241) affordable housing rental units restricted to tenants at 60% of Area Median Income ("AMI") or less, approximately 4,875 square feet of commercial space and two hundred (200) parking spaces, located on real property commonly known as 105-137 Orchard Street, Newark, New Jersey and identified on the Official Tax Map of the City of Newark, as Block 892, Lot 24 (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, the Entity has filed with the City a sworn statement that it has not made any contribution in violation of said Ordinance; and
WHEREAS, the Municipal Council has determined that the relative benefits of this Project outweigh any ...
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