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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO 81-93 ORANGE STREET URBAN RENEWAL, LLC, OF PASADENA, MARYLAND, 21122, FOR A PROJECT TO CONSTRUCT A NEW (14) STORY BUILDING CONSISTING OF (280) MARKET RATE RESIDENTIAL RENTAL UNITS, (70) AFFORDABLE HOUSING RENTAL UNITS, OF WHICH (17) UNITS SHALL BE RESTRICTED TO TENANTS AT 40% OF AREA MEDIAN INCOME ("AMI"), (17) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% AMI AND (36) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% AMI, 8,503 SQUARE FEET OF COMMERCIAL SPACE AND (178) ON-SITE PARKING SPACES LOCATED AT 24-38 UNIVERSITY AVENUE, ALSO KNOWN AS 81-93 ORANGE STREET, NEWARK, NEW JERSEY 07102 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 31, LOT 27 (CENTRAL WARD).
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WHEREAS, 81-93 Orange Street Urban Renewal, LLC, of Pasadena, Maryland 21122, 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 fourteen (14) story building, consisting of two hundred eighty (280) market rate residential rental units, including seventy (70) affordable housing rental units, of which seventeen (17) units shall be restricted to tenants at 40% of Area Median Income ("AMI"), seventeen (17) units shall be restricted to tenants at 60% AMI and thirty-six (36) units shall be restricted to tenants at 80% AMI, 8,503 square feet of commercial space, and one hundred seventy-eight (178) on-site parking spaces located at 24-38 University Avenue, also known as 81-93 Orange Street, Newark, New Jersey 07102 and identified on the Official Tax Map of the City of Newark, as Block 31, Lot 27 (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 ...
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