Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Application for Long-Term Tax Abatement
Purpose: Construction of a residential rental project consisting of a four (4) story building with seventy-five (75) residential rental units on property located at 46-60 Nevada Street, Newark, New Jersey 07102
Entity Name: Downtown Partners Urban Renewal Associates II, LP
Entity Address: 77 Park Street, Montclair, New Jersey 07042
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)
46-60 Nevada Street/Block 111/ Lot 70.01/Central Ward
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 II, 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 project on property located at 46-60 Nevada Street, Newark, New Jersey 07102 and identified on the City's Tax Map as Block 111, Lot 70.01 (the "Property") in order to construct a four (4) story building with seventy-five (75) residential rental units, which will be restricted to low or moderate income households with incomes of 60% of area median income or less, five (5) of which shall be reserved for the purpose of serving formerly homeless members of the community, along with a green garden terrace, on-site parking, laundry facilities on each floor, and a community room (collectively, the "Project"); and
WHEREAS, the Project will ...
Click here for full text