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AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO 44 IRVINE HOLDINGS URBAN RENEWAL, LP, 241 MAIN STREET, SUITE 202, HACKENSACK, NEW JERSEY 07601, FOR A PROJECT TO CONSTRUCT A MULTI-UNIT RESIDENTIAL BUILDING CONSISTING OF APPROXIMATELY (135) MARKET RATE RESIDENTIAL RENTAL UNITS, (20) AFFORDABLE HOUSING RENTAL UNITS, OF WHICH (3) UNITS SHALL BE RESTRICTED TO TENANTS AT 40% OF AREA MEDIAN INCOME, (6) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% AMI AND (11) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% AMI, AND (117) ON-SITE PARKING SPACES LOCATED AT 28-46 IRVINE TURNER BOULEVARD AND 20-34 LIVINGSTON STREET, NEWARK, NEW JERSEY 07103 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2520, LOTS 12, 14, 16, 19, 47 AND 48. (CENTRAL WARD)
Formerly 6PSF-d 071322 adopted as 6F-e 071322
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WHEREAS, 44 Irvine Holdings Urban Renewal, LP, 241 Main Street, Suite 202, Hackensack, New Jersey 07601, 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 multi-unit residential building consisting of approximately one hundred thirty-five (135) market rate residential rental units, twenty (20) affordable housing rental units, of which three (3) units shall be restricted to tenants at 40% of Area Median Income, six (6) units shall be restricted to tenants at 60% AMI and eleven (11) units shall be restricted to tenants at 80% AMI, and one hundred seventeen (117) on-site parking spaces located at 28-46 Irvine Turner Boulevard and 20-34 Livingston Street, Newark, New Jersey 07103 and identified on the Official Tax Map of the City of Newark, as Block 2520, Lots 12, 14, 16, 19, 47 and 48 (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 ...
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