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AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR TAX ABATEMENT TO THOMAS-CARTER VILLAGE URBAN RENEWAL, LLC, C/O ALPERT GROUP LLC, 1 PARKER PLAZA, SUITE 64, FORT LEE, NEW JERSEY 07024, FOR A PROJECT TO CONSTRUCT ONE HUNDRED NINETY-SIX (196) MARKET RATE RENTAL UNITS, SIXTEEN (16) AFFORDABLE HOUSING RENTAL UNITS, DEED RESTRICTED FOR THE TERM OF THIS FINANCIAL AGREEMENT, TO 60% OF AREA MEDIAN INCOME AS SUCH TERM IS DEFINED IN CITY OF NEWARK INCLUSIONARY ZONING ORDINANCE 6PSF-B, ADOPTED ON OCTOBER 4, 2017, 2,092 SQUARE FEET OF COMMERCIAL SPACE, 2,092 SQUARE FEET OF COMMUNITY SPACE AND SIXTY-SIX (66) PARKING SPACES, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 103-109 SUSSEX AVENUE AND 111-119 SUSSEX AVENUE, NEWARK, NEW JERSEY 07103 AND IDENTIFIED ON THE OFFICIAL MAP OF THE CITY OF NEWARK, AS BLOCK 2853, LOTS 1.02 AND 69. (CENTRAL WARD).
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WHEREAS, Thomas-Carter Village Urban Renewal, LLC, c/o Alpert Group LLC, 1 Parker Plaza, Suite 64, Fort Lee, New Jersey 07024, 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 to construct one hundred ninety-six (196) market rate rental units, sixteen (16) affordable housing rental units, deed restricted for the term of this Financial Agreement, to 60% of Area Median Income as such term is defined in City of Newark Inclusionary Zoning Ordinance 6PSF-b, duly adopted October 4, 2017, 2,092 square feet of commercial space, 2,092 square feet of community space and sixty-six (66) parking spaces, located on real property commonly known as 103-109 Sussex Avenue and 103-109 Sussex Avenue and 111-119 Sussex Avenue, Newark, New Jersey and identified on the City's tax map as Block 2853, Lots 1.02 and 69 (the "Project")(Central Ward); and
WHEREAS, the Mayor has submitted the application and proposed Financial Agreement to the Municipal Council with his recommendation thereof, a copy of which is ann...
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