Title
AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO MAR NHA WSV PHASE 2, LLC, 921 ELIZABETH AVENUE, 5TH FLOOR, ELIZABETH, NEW JERSEY 07201, FOR A PROJECT TO CONSTRUCT A NEW BUILDING WITH A TOTAL OF (94) SENIOR RESIDENTIAL RENTAL UNITS, CONSISTING OF (10) UNITS THAT SHALL BE RENTED TO TENANTS AT 30% AREA MEDIAN INCOME ("AMI") OR LESS, (38) UNITS AT 50% AMI OR LESS, (45) UNITS AT 60% AMI OR LESS, AND (1) SUPERINTENDENT UNIT LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 530-570 SOUTH 13TH STREET, NEWARK, NEW JERSEY 07103 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 310, LOT 1.
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WHEREAS, MAR NHA WSV Phase 2 LLC, 921 Elizabeth Avenue, 5th Floor, Elizabeth, New Jersey 07201 (the "Entity") has applied for a long term tax exemption 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 construct a new building with a total of ninety-four (94) senior residential rental units, consisting of ten (10) units that shall be rented to tenants at 30% Area Median Income ("AMI") or less, thirty-eight (38) units at 50% AMI or less, forty-five (45) units at 60% AMI or less, and one (1) superintendent unit located on real property commonly known as 530-570 South 13th Street, Newark, New Jersey 07103 and identified on the Official Tax Map of the city of Newark, as Block 310, Lot 1 (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, in accordance with Ordinance 6PSF-a adopted on May 4, 2011, the Entity has filed with the City a sworn statement that it has not made any contribution in violation of said ordinance; and
WHEREAS, the Municipal Council has determined that the relative benefits of this Project outweigh any costs assoc...
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