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AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO 862-868 BROADWAY URBAN RENEWAL, LLC, 7 GLENWOOD AVENUE, SUITE 418, EAST ORANGE, NEW JERSEY 07107, FOR A PROJECT TO CONSTRUCT A NEW BUILDING CONSISTING OF (26) MARKET RATE RESIDENTIAL UNITS, (3) AFFORDABLE HOUSING RENTAL UNITS RESTRICTED TO TENANTS AT 60% OF AREA MEDIAN INCOME AND (24) ON-SITE PARKING SPACES, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 862-868 BROADWAY AVENUE, NEWARK, NEW JERSEY 07104 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 819, LOT 22. (NORTH WARD)
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WHEREAS, 862-868 Broadway, LLC, 7 Glenwood Avenue, Suite 418, East Orange, New Jersey 07107, filed an application with the Mayor of the City of Newark 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 (20) year term for a project to construct a new building consisting of twenty-six (26) market rate residential units, three (3) affordable housing rental units restricted to tenants at 60% of Area Median Income and twenty-four (24) on-site parking spaces, located on real property commonly known as 862-868 Broadway Avenue, Newark, New Jersey 07104 and identified on the Official Tax Map of the City of Newark, as Block 819, Lot 22 (collectively, the "Project"); and
WHEREAS, the Mayor of the City of Newark 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, the Department of Economic and Housing Development has determined pursuant to N.J.S.A. 40A:20-11 that the relative benefits of this Project outweigh any costs associated with this tax exemption and that without the tax abatement granted herein, the Project would not be undertaken.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The application of 862-868 Broadway Urban Renewal, LLC, 7 Glenwood Avenue,...
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