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AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR TAX ABATEMENT TO ADL 605-607 BROAD URBAN RENEWAL, LLC, 218 HAMILTON AVENUE, BROOKLYN, NEW YORK 11231, FOR A PROJECT TO CONSTRUCT (84) RESIDENTIAL RENTAL UNITS CONSISTING OF (71) MARKET-RATE RESIDENTIAL RENTAL UNITS, (13) AFFORDABLE HOUSING RENTAL UNITS, OF WHICH (4) UNITS SHALL BE RESTRICTED TO TENANTS AT 40% OF AREA MEDIAN INCOME ("AMI"), (4) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% AMI AND (5) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% AMI, AND 20,000 SQUARE FEET OF COMMERCIAL SPACE LOCATED AT 605-607 BROAD STREET, NEWARK, NEW JERSEY 07102 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 18, LOTS 27, 28, AND 77 (CENTRAL WARD).
Deferred 6PSF-d 080724
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WHEREAS, ADL 605-607 Broad Urban Renewal, LLC, 218 Hamilton Avenue, Brooklyn, New York 11231 ("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 eighty-four (84) residential rental units consisting of seventy-one (71) market-rate residential rental units (the "Market Rate Units"), thirteen (13) affordable housing rental units, of which four (4) units shall be restricted to tenants at 40% of Area Median Income ("AMI"), four (4) units shall be restricted to tenants at 60% AMI and five (5) units shall be restricted to tenants at 80% AMI (the "Income Restricted Units"), and 20,000 square feet of commercial space located at 605-607 Broad Street, Newark, New Jersey 07102 and identified on the Official Tax Map of the City of Newark, as Block 18, Lots 27, 28 and 77 (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, a copy of which is annexed hereto; and
WHEREAS, in accordance with Ordinance 6PSF...
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