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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO BRUEN HOLDINGS URBAN RENEWAL, LLC, 15 MELNICK DRIVE, P.O. BOX 955, MONROE, NEW YORK 10952, FOR A PROJECT TO CONSTRUCT A NEW (11) STORY BUILDING CONSISTING OF APPROXIMATELY (115) MARKET RATE RESIDENTIAL RENTAL UNITS, (18) AFFORDABLE HOUSING RENTAL UNITS, OF WHICH (2) UNITS SHALL BE RESTRICTED TO TENANTS AT 40% OF AREA MEDIAN INCOME ("AMI"), (6) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% AMI AND (10) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% AMI AND 2,780 SQUARE FEET OF COMMERCIAL SPACE LOCATED AT 50-56 BRUEN STREET AND 59-65 MCWHORTER STREET, NEWARK, NEW JERSEY 07105 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 194, LOTS 10 AND 26 (MERGED WITH LOT 10) (EAST WARD).
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WHEREAS, Bruen Holdings Urban Renewal, LLC, 15 Melnick Drive, P.O. Box 955, Monroe, New York 10952, 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 eleven (11) story building consisting of approximately one hundred fifteen (115) market rate residential rental units, eighteen (18) affordable housing rental units, of which two (2) units shall be restricted to tenants at forty (40%) of Area Median Income ("AMI"), six (6) units shall be restricted to tenants at sixty (60%) AMI and ten (10) units shall be restricted to tenants at eighty (80%) AMI and 2,780 square feet of commercial space located at 50-56 Bruen Street and 59-65 McWhorter Street, Newark, New Jersey 07105 and identified on the Official Tax Map of the City of Newark, as Block 194, Lots 10 and 26, which is merged to Lot 10 (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 a...
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