Share to Facebook Share to Twitter Bookmark and Share
File #: 22-1030    Version: 1 Name: Ordinance: 503 South Orange Ave Urban Renewal, LLC - PILOT
Type: Ordinance Status: Adopted
File created: 7/20/2022 In control: Economic and Housing Development
On agenda: 10/25/2022 Final action: 11/22/2022
Title: AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO 503 SOUTH ORANGE AVE URBAN RENEWAL, LLC, 55 MORRIS AVENUE, SUITE 108, SPRINGFIELD, NEW JERSEY 07081, FOR A PROJECT TO CONSTRUCT A FOUR-STORY BUILDING CONSISTING OF APPROXIMATELY (13) MARKET RATE RESIDENTIAL RENTAL UNITS, (2) AFFORDABLE RESIDENTIAL RENTAL UNITS RESTRICTED TO TENANTS AT 60% OF AREA MEDIAN, 1,692 SQUARE FEET OF GROUND FLOOR COMMERCIAL SPACE AND (7) PARKING SPACES LOCATED AT 503-505 SOUTH ORANGE AVENUE, NEWARK, NEW JERSEY 07103 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 1791, LOTS 24 AND 25. (WEST WARD) Deferred 6PSF-c 111422
Sponsors: Council of the Whole
Title
AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO 503 SOUTH ORANGE AVE URBAN RENEWAL, LLC, 55 MORRIS AVENUE, SUITE 108, SPRINGFIELD, NEW JERSEY 07081, FOR A PROJECT TO CONSTRUCT A FOUR-STORY BUILDING CONSISTING OF APPROXIMATELY (13) MARKET RATE RESIDENTIAL RENTAL UNITS, (2) AFFORDABLE RESIDENTIAL RENTAL UNITS RESTRICTED TO TENANTS AT 60% OF AREA MEDIAN, 1,692 SQUARE FEET OF GROUND FLOOR COMMERCIAL SPACE AND (7) PARKING SPACES LOCATED AT 503-505 SOUTH ORANGE AVENUE, NEWARK, NEW JERSEY 07103 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 1791, LOTS 24 AND 25. (WEST WARD)
Deferred 6PSF-c 111422
body

WHEREAS, 503 South Orange Ave Urban Renewal, LLC, 55 Morris Avenue, Suite 108, Springfield, New Jersey 07081, 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 four (4) story building consisting of approximately thirteen (13) market rate residential rental units, two (2) residential rental units restricted to tenants at 60% of Area Median Income or less, 1,692 square feet of ground floor commercial space and seven (7) parking spaces located at 503-505 South Orange Avenue, Newark, New Jersey 07103 and identified on the Official Tax Map of the City of Newark, as Block 1791, Lots 24 and 25 (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, 503 South Orange Ave 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.A. 40A:20-11 that th...

Click here for full text