Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Waiving 20 day period for an ordinance to take effect
Purpose: Tax abatement for 540 Broad Street Owners, LLC, 1865 Palmer Avenue, Suite 203, Larchmont, New York 10538, needs to take immediate effect so that the Applicant can meet the HFMA application deadline of May 31, 2017.
Ordinance No(s).: Ordinance 6F-a(S), adopted on first reading by the Municipal Council on May 11, 2017. Ordinance 6PSF-a(S) is scheduled for a public hearing, second reading and final passage Upon final passage this Ordinance grants a long term tax abatement to 540 Broad Street Owners, LLC, 1865 Palmer Avenue, Suite 203, Larchmont, New York 10538, under the HFMA Law for thirty (30) years for a project to renovate and rehabilitate an existing, underutilized office building into approximately (i) 208 market rate residential apartment units, (ii) 52 low income apartment units rented to persons earning less than fifty percent (50%) of the area median income, and (iii) approximately 60,000 gross square feet of office/non-residential space and 17,000 square feet of retail space, and all related improvements located on real property commonly known as 538-546 Broad Street, Newark, New Jersey and identified on the City's tax map as Block 24, Lot 29 (Central Ward).
Additional Information:
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WHEREAS, on June 14, 2016, 540 Broad Street Owners, LLC, 1865 Palmer Avenue, Suite 203, Larchmont, New York 10538 (the "Entity") filed an application with the Mayor seeking a long term tax abatement pursuant to 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"), for a project to renovate and rehabilitate an existing, underutilized office building into approximately (i) 208 market rate residential apartment units, (ii) 52 low income apartment units rented ...
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