Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Application for Long-Term Tax Abatement
Purpose: Construction of a mixed use project with 60 residential units of affordable workforce housing and approximately 6,395 square feet of commercial/retail space, and associated parking.
Entity Name: Carrino Plaza Apartments, LLC
Entity Address: 1055 Saw Mill River Road, #204, Ardsley, New York 10502
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)
416-426 Broadway,/Block 613,/Lot 1,/North Ward
Additional Information:
Entity will receive a purchase money mortgage in the amount of $720,000.00 to purchase the site.
No Action Taken 7R3-h 102313
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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"), Carrino Plaza Apartments, LLC, a limited liability company having its principal office at 1055 Saw Mill River Road, #204, Ardsley, New York 10502 (the "Entity") submitted an application for the approval of a mixed used project on property located at 416-426 Broadway, Newark, New Jersey 07104 and identified on the City's tax map as Block 613, Lot 1 (the "Property") consisting of approximately 60 residential units of affordable workforce housing and approximately 6,395 square feet of commercial/retail space, and associated parking (collectively, the "Project"); and
WHEREAS, the Project will be subject to the HMFA Law and the mortgage and other loan documents to be executed between the Entity and the New Jersey Housing and Mortgage Finance Agency (th...
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