File #: 23-1697    Version: 1 Name: Ordinance: Twenty-Five (25) Year Tax Abatement - 19 LV Urban Renewal, LLC - PILOT
Type: Ordinance Status: Held in Council
File created: 10/23/2023 In control: Economic and Housing Development
On agenda: 3/20/2024 Final action:
Title: AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR TAX ABATEMENT TO 19 LV URBAN RENEWAL, LLC, 50 CHESTNUT RIDGE ROAD, #108, MONTVALE, NEW JERSEY 07645, FOR A PROJECT TO CONSTRUCT A MULTI-FAMILY RESIDENTIAL BUILDING, CONSISTING OF (48) RENTAL UNITS, COMPRISED OF (38) MARKET-RATE RESIDENTIAL RENTAL UNITS, (10) AFFORDABLE HOUSING RENTAL UNITS, OF WHICH (1) UNIT SHALL BE RESTRICTED TO TENANTS AT 40% OF AREA MEDIAN INCOME ("AMI"), (2) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% AMI AND (7) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% AMI, AND (29) ON-SITE PARKING SPACES LOCATED AT 17 LIVINGSTON STREET AND 19-27 LIVINGSTON STREET, NEWARK, NEW JERSEY 07103 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2519, LOTS 8 AND 9, WHICH WERE MERGED (CENTRAL WARD). Deferred 6F-a 041024
Title
AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR TAX ABATEMENT TO 19 LV URBAN RENEWAL, LLC, 50 CHESTNUT RIDGE ROAD, #108, MONTVALE, NEW JERSEY 07645, FOR A PROJECT TO CONSTRUCT A MULTI-FAMILY RESIDENTIAL BUILDING, CONSISTING OF (48) RENTAL UNITS, COMPRISED OF (38) MARKET-RATE RESIDENTIAL RENTAL UNITS, (10) AFFORDABLE HOUSING RENTAL UNITS, OF WHICH (1) UNIT SHALL BE RESTRICTED TO TENANTS AT 40% OF AREA MEDIAN INCOME ("AMI"), (2) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% AMI AND (7) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% AMI, AND (29) ON-SITE PARKING SPACES LOCATED AT 17 LIVINGSTON STREET AND 19-27 LIVINGSTON STREET, NEWARK, NEW JERSEY 07103 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2519, LOTS 8 AND 9, WHICH WERE MERGED (CENTRAL WARD).
Deferred 6F-a 041024
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WHEREAS, 19 LV Urban Renewal, LLC, 50 Chestnut Ridge Road, #108, Montvale, New Jersey 07645 ("Entity"), 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-five (25) year term for a project to construct a multi-family residential building, consisting of forty-eight (48) rental units, comprised of thirty-eight (38) market-rate residential rental units, ten (10) affordable housing rental units, of which one (1) unit shall be restricted to tenants at 40% of Area Median Income ("AMI"), two (2) units shall be restricted to tenants at 60% AMI and seven (7) units shall be restricted to tenants at 80% AMI, and twenty-nine (29) on-site parking spaces located at 17 Livingston Street and 19-27 Livingston Street, Newark, New Jersey 07103 and identified on the Official Tax Map of the City of Newark, as Block 2519, Lots 8 and 9, which were merged (Central Ward) (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,...

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