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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO SOUTHSIDE VIEW, LLC, 1212 SPRINGFIELD AVENUE, IRVINGTON, NEW JERSEY 07111, FOR A PROJECT TO CONSTRUCT A NEW (40) UNIT AFFORDABLE HOUSING PROJECT CONSISTING OF (34) AFFORDABLE HOUSING RENTAL UNITS TO BE RENTED TO TENANTS AT 60% AREA MEDIAN INCOME ("AMI") OR LESS, (5) UNITS RESERVED FOR HOMELESS AT 30% AMI OR LESS AND (1) SUPERINTENDENT UNIT, A COMMUNITY CENTER AND ON-SITE PARKING LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 654-668 SOUTH 11TH STREET, NEWARK, NEW JERSEY 07103 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2617, LOTS 69, 70, 71, 72, 73, 74, 75, 85, 86, 87 AND 88.
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WHEREAS, Southside View, LLC, 1212 Springfield Avenue, Irvington, New Jersey 07111 (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 forty (40) unit affordable housing project consisting of: (i) thirty-four (34) affordable housing rental units to be rented to tenants at 60% Area Median Income ("AMI") or less, five (5) units reserved for homeless at 30% AMI or less and one (1) superintendent unit; (ii) a community center; and (iii) on-site parking located on real property commonly known as 654-668 South 11th Street, Newark, New Jersey 07103 and identified on the Official Tax Map of the City of Newark, as Block 2617, Lots 69, 70, 71, 72, 73, 74, 75, 85, 86, 87 and 88 (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
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