Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Waiving 20 day period for an ordinance to take effect
Purpose: Tax abatement for Broad Hill Partners Urban Renewal, LLC., 334-336 East 110th Street, New York, New York 10029, needs to take immediate effect so that the applicant can meet the HFMA application deadline of May 2, 2017.
Ordinance No(s).: 6PSF-c (s) April 25, 2017 This ordinance grants a long term tax abatement to Broad Hill Partners Urban Renewal, LLC, 334-336 East 110th Street, New York, New York 10029, 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 construct five (5) story mixed use building consisting of (i) forty-six (46) affordable housing rental units, (ii) thirty-eight (38) market rate residential rental units and (iii) 9,050 square feet of commercial space located on real property commonly known as 915-933 Broad Street and identified on the City's tax map as Block 93, Lot 29. (Central Ward)
Additional Information:
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WHEREAS, Broad Hill Partners Urban Renewal, LLC, 334-336 East 110th Street, New York, New York 10029, 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 thirty (30) year term for a project to construct a five (5) story mixed use building consisting of (i) forty-six (46) affordable housing rental units, (ii) thirty-eight (38) market rate rental housing units and (iii) 9,050 square feet of commercial space on real property commonly known as 915-933 Broad Street and identified on the tax map of the City as Block 93, Lot 29 (the "Project"); and
WHEREAS, the above tax abatement application was advanced and adopted on first reading by the Municipal Council on April 13, 2017 through Ordinance 6PSF-c(s), the Ordinance grants the Project a long term tax abatement, and i...
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