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AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR TAX ABATEMENT TO 566-570 SPRINGFIELD URBAN RENEWAL, LLC, 1 ORIENT WAY, SUITE F #240, RUTHERFORD, NEW JERSEY 07070, FOR A PROJECT TO CONSTRUCT (22) MARKET RATE RESIDENTIAL RENTAL UNITS WITH (2) AFFORDABLE HOUSING RENTAL UNITS WHICH SHALL BE RESTRICTED TO TENANTS AT 60% OF AREA MEDIAN INCOME ("AMI"), AND 500 SQUARE FEET OF COMMERCIAL SPACE AND (10) ASSOCIATED PARKING SPACES, LOCATED AT 566-570 SPRINGFIELD AVENUE, NEWARK, NEW JERSEY 07103 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 316, LOT 20. (CENTRAL WARD)
Deferred 6PSF-b 120424
Deferred 6PSF-b 121824
Failed 6PSF-b 010825
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WHEREAS, 566 Springfield Urban Renewal, LLC, 1 Orient Way, Suite F, #240, Rutherford, New Jersey 07070, 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 to construct twenty-two (22) market rate residential rental units (the "Market Rate Units"), two (2) affordable housing rental units, which shall be restricted to tenants at 60% of Area Median Income ("AMI"), (the "Income Restricted Units"), and 500 square feet of commercial space and ten (10) associated parking spaces located at 566-570 Springfield Avenue, Newark, New Jersey and identified on the City's tax map as Block 316, Lot 20 (collectively, the "Project"); and
WHEREAS, the Mayor 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, the Department of Economic and Housing Development has determined pursuant to N.J.S.A. 40A:20-11 that the relative benefits of this Project outweigh any costs associated with this tax exemption and that without the tax abatement granted herein, the Project would not be undertaken.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW ...
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