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AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR TAX ABATEMENT TO 260 WASHINGTON ST URBAN RENEWAL, LLC, P.O. BOX 1293, HICKSVILLE, NEW YORK 11802, FOR A PROJECT TO CONSTRUCT A NEW (23) STORY BUILDING CONSISTING OF APPROXIMATELY (140) MARKET RATE RESIDENTIAL RENTAL UNITS (67) AFFORDABLE HOUSING RENTAL UNITS TO BE RENTED TO TENANTS AT 50% AREA MEDIAN INCOME AND 6,000 SQUARE FEET OF GROUND FLOOR RETAIL LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 260-272 WASHINGTON STREET, NEWARK, NEW JERSEY 07102 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 60, LOTS 2, 3, 4, and 5 (6).
Public Hearing will be held at the Special Meeting on 01/25/22.
Deferred 6PSF-d 012022
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WHEREAS, 260 Washington St Urban Renewal, LLC, P.O. Box 1293, Hicksville, New York 11802, 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-five (25) year term for a project to construct a new twenty-three (23) story building consisting of approximately one hundred forty (140) market rate residential rental units, sixty-seven (67) affordable housing rental units to be rented to tenants at 50% Area Median Income, and six thousand (6,000) square feet of ground floor retail, located on real property commonly known as 260-272 Washington Street, Newark, New Jersey 07102 and identified on the Official Tax Map of the City of Newark, as Block 60, Lots 2, 3, 4, and 5 (6) (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, 260 Washington St Urban Renewal, LLC has filed with the City a sworn statement that it has not made any contribution in violation of said Ordinance; and
WHEREAS, the Department of Econ...
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