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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO 289-301 WASHINGTON STREET URBAN RENEWAL, LLC, 1950 RUTGERS UNIVERSITY BOULEVARD, #102, LAKEWOOD, NEW JERSEY 08701, FOR A PROJECT TO CONSTRUCT A RESIDENTIAL TOWER CONSISTING OF (238) MARKET RATE RESIDENTIAL RENTAL UNITS, (59) AFFORDABLE HOUSING RENTAL UNITS, OF WHICH (15) UNITS SHALL BE RESTRICTED TO TENANTS AT 40% OF AREA MEDIAN INCOME ("AMI"), (15) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% AMI AND (29) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% AMI, LOCATED AT 289-293 WASHINGTON STREET, NEWARK, NEW JERSEY 07110 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 73, LOT 92.03, ALONG WITH (95) ALLOCABLE PARKING SPACES OF THE (375) TOTAL PARKING SPACES TO BE CONSTRUCTED ON A SEPARATE PODIUM PARKING STRUCTURE AS PART OF THE LARGER "HALO" DEVELOPMENT (CENTRAL WARD).
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WHEREAS, 289-301 Washington Street Urban Renewal, LLC, 1950 Rutgers University Boulevard, #102, Lakewood, New Jersey 08701, 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 residential tower consisting of two hundred thirty-eight (238) market rate residential rental units, fifty-nine (59) affordable housing rental units, of which fifteen (15) units shall be restricted to tenants at 40% of Area Median Income ("AMI"), fifteen (15) units shall be restricted to tenants at 60% AMI, and twenty-nine (29) units shall be restricted to tenants at 80% AMI, located at 289-293 Washington Street, Newark, New Jersey 07110 and identified on the Official Tax Map of the City of Newark, as Block 73, Lot 92.03, along with ninety-five (95) allocable parking spaces of the three hundred seventy-five (375) total parking spaces to be constructed on a separate podium parking structure as part of the larger "Halo" development (collectively, the "Project"); and
WHEREA...
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