Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Application for Long-Term Tax Abatement
Purpose: To grant a long term tax abatement to RIVERSIDE ARMS URBAN RENEWAL, LLP under the HMFA law to construct nine (9) three story multifamily apartment buildings totaling 128 units (10 one bedroom units, 71 two bedroom units, and 47 three bedroom units
Entity Name: RIVERSIDE ARMS URBAN RENEWAL, LLP
Entity Address: 71 Lake Street, Colonia, NJ 07067
Abatement 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)
14-16 Chester Avenue/Block 617/Lot 1.01/North Ward
1-14 Jules Place/Block 617/1.02-1.15/North Ward
63-95 Herbert Place/Block 617/Lots 1.16-1.25/North Ward
Additional Information:
The requested PILOT formula is based on 6.28% of gross revenues.
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WHEREAS, Riverside Arms Urban Renewal, LLP, 71 Lake Street, Colonia, NJ 07067, filed an application with the Mayor seeking a long term tax abatement pursuant to New Jersey Housing and Mortgage Finance Agency Law, N.J.S.A. 55:14K-1 et seq. ("HMFA Law") for a term of thirty (30) years for six (6) units of affordable housing located at 14-16 Chester Avenue, 2-14 Jules Place, and 63-95 Herbert Place and identified on the official tax map of the City as Block 617, Lots 1.01-1.25 (the "Property"), consisting of the construction of nine (9) three story multifamily apartment buildings totaling 128 units divided into 10 one bedroom units, 71 two bedroom units, and 47 three bedroom units (the "Project"); and
WHEREAS, the Mayor has submitted the application and proposed Financial Agreement to the Municipal Council with his recommendation thereof, a ...
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