Title
AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR LONG TERM TAX ABATEMENT TO CASA MIA APARTMENTS URBAN RENEWAL, LLC, C/O CAPITAL REALTY GROUP, INC., 86 ROUTE 59 EAST SPRING VALLEY, NEW YORK 10977, FOR A PROJECT, LOCATED IN THE NORTH WARD AT 502-504 SUMMER AVENUE, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 625, LOT 46 (THE "PROPERTY"), TO REHABILITATE A SIX (6) STORY ELEVATOR 100% AFFORDABLE SENIOR-LIVING RESIDENTIAL RENTAL BUILDING WITH A TOTAL OF NINETY-ONE (91) RESIDENTIAL UNITS, CONSISTING OF NINE (90) RESIDENTIAL RENTAL UNITS WHICH SHALL BE RESTRICTED TO TENANTS UP TO 60% OF AREA MEDIAN INCOME ("AMI") (THE "INCOME RESTRICTED UNITS"), AND ONE (1) NON-INCOME SUPERINTENDENT UNIT (NORTH WARD).
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WHEREAS, Casa Mia Apartments Urban Renewal, LLC, c/o Capital Realty Group, Inc., 86 Route 59 East Spring Valley, New York 10977 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 North Ward at 502-504 Summer Avenue, Newark, New Jersey 07104 and identified on the City's tax map as Block 625, Lot 46 on the tax map of the City (the "Property") to rehabilitate a six (6) story elevator 100% affordable senior-living residential rental building with a total of ninety-one (91) residential units, consisting of nine (90) residential rental units which shall be restricted to tenants up to 60% of Area Median Income ("AMI") (the "Income Restricted Units"), and one (1) non-income superintendent unit. The rehabilitation shall include an extensive renovation of all the apartments and common areas, exterior brick, new windows, roof, and HVAC, renovations to the community room with a new modern furniture, a TV lounge and computer stations, and new and upgraded security features, including an electronic key fob system, and IP CCTV cameras, and a wireless emergency pendant systems to allow residents to call in case ...
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