Title
AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO 77 UNIVERSITY URBAN RENEWAL, LLC, 87 HALSEY STREET, NEWARK, NEW JERSEY 07102, FOR A PROJECT TO CONSTRUCT A NEW (6) STORY MULTI-FAMILY BUILDING CONSISTING OF (107) MARKET RATE RESIDENTIAL RENTAL UNITS, (27) AFFORDABLE HOUSING RENTAL UNITS RESTRICTED TO TENANTS AT 50% OF AREA MEDIAN INCOME, OFF-STREET PARKING, RELATED AMENITIES AND A GROUND FLOOR CHARITABLE FACILITY ON PROPERTY LOCATED AT 65-81 UNIVERSITY AVENUE AND 28-44 EAGLES STREET, NEWARK, NEW JERSEY 07102 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 45, LOTS 21, 45, 47 AND 52.
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WHEREAS, 77 University Urban Renewal, LLC, 87 Halsey Street, Newark, New Jersey 07102, 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 thirty (30) year term for a project to construct a new six (6) story multi-family building consisting of one hundred seven (107) market rate residential rental units, twenty-seven (27) affordable housing rental units restricted to tenants at 50% of Area Median Income, off-street parking, related amenities and a ground floor charitable facility on property located at 65-81 University Avenue and 28-44 Eagles Street, Newark, New Jersey 07102 and identified on the Official Tax Map of the City of Newark, as Block 45, Lots 21, 45, 47 and 52 (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, 77 University Urban Renewal, LLC has filed with the City a sworn statement that it has not made any contribution in violation of said ordinance; and
WHEREAS, the Department of Economic and Housing Development has determined pursuant to N.J.S...
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