File #: 23-0933    Version: 1 Name: 746-765 S. 14th Street Urban Renewal, LLC- PILOT
Type: Ordinance Status: Adopted
File created: 6/5/2023 In control: Economic and Housing Development
On agenda: 6/5/2024 Final action: 8/7/2024
Title: AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO 746-765 S. 14TH STREET URBAN RENEWAL, LLC, 513 W. MT. PLEASANT AVENUE, SUITE 208, LIVINGSTON, NEW JERSEY 07039, FOR A PROJECT TO CONSTRUCT (3) TOWNHOME STYLE BUILDINGS CONSISTING OF (30) MARKET RATE RESIDENTIAL RENTAL UNITS, (8) AFFORDABLE HOUSING RENTAL UNITS IN ACCORDANCE WITH CITY ORDINANCE 6PSF-B, ADOPTED ON OCTOBER 4, 2017, AND APPROXIMATELY (26) PARKING SPACES, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 746-758 SOUTH 14TH STREET, NEWARK, NEW JERSEY 07103 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2633, LOT 37 (SOUTH WARD).
Sponsors: Patrick O. Council, Dupré L. Kelly
Title
AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO 746-765 S. 14TH STREET URBAN RENEWAL, LLC, 513 W. MT. PLEASANT AVENUE, SUITE 208, LIVINGSTON, NEW JERSEY 07039, FOR A PROJECT TO CONSTRUCT (3) TOWNHOME STYLE BUILDINGS CONSISTING OF (30) MARKET RATE RESIDENTIAL RENTAL UNITS, (8) AFFORDABLE HOUSING RENTAL UNITS IN ACCORDANCE WITH CITY ORDINANCE 6PSF-B, ADOPTED ON OCTOBER 4, 2017, AND APPROXIMATELY (26) PARKING SPACES, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 746-758 SOUTH 14TH STREET, NEWARK, NEW JERSEY 07103 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2633, LOT 37 (SOUTH WARD).

body

WHEREAS, 746-765 S. 14th Street Urban Renewal, LLC, 513 W. Mt. Pleasant Avenue, Suite 208, Livingston, New Jersey 07039 ("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 thirty (30) year term for a project to construct three (3) townhome style buildings consisting of thirty (30) market rate residential rental units, eight (8) affordable housing rental units in accordance with City Ordinance 6PSF-b, adopted on October 4, 2017, and approximately twenty-six (26) parking spaces, located on real property commonly known as 746-758 South 14th Street, Newark, New Jersey 07103 and identified on the Official Tax Map of the City of Newark, as Block 2633, Lot 37 (South Ward)(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-a adopted on May 4, 2011, the Entity has filed with the City a sworn statement that it has not made any contribution in violation of said Ordinance; and
WHEREAS, the Municipal Council has determined pursuant to N.J.S.A. 40A:20-11 that the relative benefits of this Project outweig...

Click here for full text