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AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR TAX ABATEMENT TO IRONBOUND LIVING CHESTNUT URBAN RENEWAL, LLC, 1317 NORTH AVENUE, ELIZABETH, NEW JERSEY, 07208, FOR A PROJECT TO CONSTRUCT A NEW FIVE (5) STORY BUILDING CONSISTING OF FIFTY-EIGHT (58) MARKET RATE RENTAL UNITS, FOURTEEN (14) AFFORDABLE HOUSING RENTAL UNITS RESTRICTED TO 80% OF AREA MEDIAN INCOME, IN ACCORDANCE WITH THE CITY ORDINANCE 6PSF-b, DULY ADOPTED OCTOBER 4, 2017, AND SURFACE PARKING LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 115-123 CHESTNUT STREET, 40-50 VESEY STREET AND 1-15 HERMAN STREET, NEWARK, NEW JERSEY AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 920, LOT 21. (EAST WARD)
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WHEREAS, Ironbound Living Chestnut Urban Renewal, LLC, 1317 North Avenue, Elizabeth, New Jersey 07028, 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 a new five (5) story building consisting of fifty-eight (58) market rate rental units, fourteen (14) affordable housing rental units restricted to 80% of Area Median Income in accordance with City Ordinance 6PSF-b, adopted on October 4, 2017 and surface parking, located on real property commonly known as 115-123 Chestnut Street, 40-50 Vesey Street and 1-15 Herman Street, Newark, New Jersey and identified on the Official Tax Map of the City of Newark, as Block 920, Lot 21 (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, in accordance with Ordinance 6PSF-a adopted on May 4, 2011, Ironbound Living Chestnut Urban Renewal, LLC has filed with the City a sworn statement that it has not made any contribution in violation of said ordinance; and
WHEREAS, the Department of Economic and Housing Development has det...
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