Title
AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO TERRELL REDEVELOPMENT PARTNERS URBAN RENEWAL, LP, OF ONE PARKER PLAZA, FORT LEE, NEW JERSEY 07024, FOR A PROJECT TO CONSTRUCT A NEW FIVE (5) STORY BUILDING CONSISTING OF SIXTY-NINE (69) AFFORDABLE, AGE-RESTRICTED RENTAL UNITS COMPRISED OF FIFTY-FOUR (54) UNITS RESTRICTED TO 80% OF AREA MEDIAN INCOME ("AMI"), FOURTEEN (14) UNITS RESTRICTED TO 30% OF AMI, AND ONE (1) SUPERINTENDENT'S UNIT, INCLUDING A SET ASIDE OF EIGHTEEN (18) UNITS DEDICATED TO PERMANENT, SUPPORTIVE HOUSING FOR PERSONS WITH PHYSICAL DISABILITIES, ON REAL PROPERTY AT 59-97 CHAPEL STREET (INFORMALLY, 35 RIVERVIEW COURT), NEWARK, NEW JERSEY 07105, IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2442, LOT 1.02 UPON PERFECTION OF THE PLANNING BOARD'S AUGUST 17, 2020 MINOR SUBDIVISION APPROVAL.
PUBLIC HEARING TO BE HELD ON SEPTEMBER 22, 2020
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WHEREAS, Terrell Redevelopment Partners Urban Renewal, LP, having an address at One Parker Plaza, Fort Lee, New Jersey 07024, filed an application with the Mayor seeking a long term tax abatement pursuant to 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 new five (5) story building consisting of sixty-nine (69) affordable, age-restricted rental units comprised of fifty-four (54) units restricted to 80% of AMI, fourteen (14) units restricted to 30% of AMI, and one (1) superintendent's unit, including a set aside of eighteen (18) units dedicated to permanent, supportive housing for persons with physical disabilities, on real property situated at 59-97 Chapel Street, (informally 35 Riverview Court), Newark, New Jersey 07105, and to be identified on the Official Tax Map of the City of Newark, as Block 2442, Lot 1.02 upon perfection of the Central Planning Board's August 17, 2020 minor subdivision approval (the "Project); and
WHEREAS, the Mayor of the City of Newark has submitted the applicat...
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