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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO FOREST HILL HOUSE PRESERVATION URBAN RENEWAL, LLC, 650 5TH AVENUE, 20TH FLOOR, NEW YORK, NEW YORK 10019, FOR A PROJECT TO REHABILITATE A TEN (10) STORY, (100) UNIT, 100% SENIOR-OCCUPIED AFFORDABLE ELEVATOR BUILDING CONSISTING OF (100) HOUSING RENTAL UNITS COMPRISED OF (18) STUDIOS, (81) ONE-BEDROOM UNITS, AND ONE (1) TWO-BEDROOM SUPERINTENDENT UNIT, ALL OF WHICH SHALL BE RESTRICTED TO TENANTS AT 60% OF AMI, A PARTIAL BASEMENT, MULTIPLE COMMON SPACES ON THE FIRST FLOOR, AND (25) ON-SITE PARKING SPACES RESERVED FOR BUILDING RESIDENTS LOCATED AT 501-507 MOUNT PROSPECT AVENUE, NEWARK, NEW JERSEY 07104 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 628, LOT 13 (NORTH WARD).
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WHEREAS, Forest Hill House Preservation Urban Renewal, LLC, 650 5th Avenue, 20th Floor, New York, New York 10019, 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 thirty (30) year term for a project to rehabilitate a ten (10) story, one hundred (100) unit, 100% senior-occupied affordable elevator building consisting of one hundred (100) housing rental units comprised of eighteen (18) studios, eighty-one (81) one-bedroom units, and one (1) two-bedroom superintendent unit, all of which shall be restricted to tenants at 60% of Area Median Income ("AMI") (collectively referred to as "Income Restricted Units"), a partial basement, multiple common spaces on the first floor, and twenty-five (25) on-site parking spaces reserved for building residents located at 501-507 Mount Prospect Avenue, Newark, New Jersey 07104 and identified on the Official Tax Map of the City of Newark, as Block 628, Lot 13 (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, ...
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