Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Application for Long-Term Tax Abatement
Purpose: To construct a residential rental housing/commercial retail project consisting of a five story mixed use building which will provide approximately eight thousand (8,000) square feet of ground floor retail space and eighty-seven (87) residential rental housing units
Entity Name: Downtown Partners Urban Renewal Associates, LP
Entity Address: 77 Park Street, Montclair, New Jersey 07042
Exemption Period: Thirty (30) years
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( x ) n/a
List of Property:
(Address/Block/Lot/Ward)
999-1005 Broad Street/Block 111/Lot 70.02/Central Ward
Failed 7R3-I (as) 052213
Additional Information:
body
WHEREAS, as authorized under 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 "HMFA Law"), Downtown Partners Urban Renewal Associates, LP, a limited partnership having its principal office at 77 Park Street, Montclair, New Jersey 07042 (the "Entity") submitted an application for the approval of a residential rental housing/commercial retail project on property located at 999-1005 Broad Street, Newark, New Jersey and identified on the City's tax map as Block 111, Lot 70.02 (collectively, the "Property") in order to construct a five story mixed use building which will provide approximately eight thousand (8,000) square feet of ground floor retail space and eighty-seven (87) residential rental housing units, forty-seven (47) of which will be restricted to low or moderate income households and the remaining forty (40) of which will be market rate units, along with...
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