6PSF-b
AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX
ABATEMENT UNDER THE HMFA LAW TO FULTON STREET
NEWARK, LLC, HAVING ITS PRINCIPAL OFFICE AT BERGER
ORGANIZATION, ROBERT TREAT CENTER, FIFTY PARK PLACE,
NEWARK, NEW JERSEY 07102 FOR A PROJECT TO
CONSTRUCT A NEW MULTI-FAMILY HOUSING PROJECT,
CONSISTING OF THREE HUNDRED AND NINETY-SIX (396)
RESIDENTIAL UNITS, OF WHICH THREE HUNDRED SIXTEEN
(316) ARE MARKET RATE RESIDENTIAL RENTAL UNITS (THE
“MARKET RATE UNITS”), OF WHICH EIGHTY (80) ARE
AFFORDABLE RENTAL UNITS, OF WHICH FIVE (5)
TRANSITIONAL HOUSING UNITS SHALL BE RESTRICTED TO
TENANTS AT 30% OF THE AREA MEDIAN INCOME (“AMI”),
WHICH INCLUDE TWO (2) TWO-BEDROOM APARTMENTS AND
THREE (3) ONE-BEDROOM APARTMENTS, FORTY-SEVEN (47)
UNITS SHALL BE RESTRICTED TO TENANTS AT 50% OF THE
AMI, WHICH INCLUDE NINETEEN (19) STUDIO APARTMENTS,
TWENTY-TWO (22) ONE-BEDROOM APARTMENTS, AND SIX (6)
TWO-BEDROOM APARTMENTS, AND TWENTY-EIGHT (28)
UNITS SHALL BE RESTRICTED TO TENANTS AT 80% OF THE
AMI, WHICH INCLUDE FOURTEEN (14) STUDIO APARTMENTS,
THIRTEEN (13) ONE-BEDROOM APARTMENTS, AND ONE (1)
TWO-BEDROOM APARTMENT (THE “INCOME RESTRICTED
UNITS”), 4,726 SQUARE FEET OF GROUND FLOOR
COMMERCIAL SPACE (THE “RETAIL”), AND A 107-CAR
PARKING GARAGE, LOCATED ON REAL PROPERTY
COMMONLY KNOWN AS 16-32 FULTON STREET, NEWARK,
NEW JERSEY AND IDENTIFIED ON THE CITY’S TAX MAP AS
BLOCK 14, LOT 43 (FORMERLY KNOWN AS BLOCK 43, 44, 45,
46, 47, 48, 49, 50, AND 51). (CENTRAL WARD)
A motion was made by the Council of the Whole to Amend on Public Hearing
and Defer.
Amendment: To Remove the Financial Contributions to the City's Community
Economic Development Trust Fund and the City Affordable Housing Trust Fund.
The motion was adopted by the following votes:
8 -
Yes:
Patrick O. Council, Carlos M. Gonzalez, Dupré L. Kelly, Luis A. Quintana,
Anibal Ramos Jr., Louise Scott-Rountree, Michael J. Silva, and C.
Lawrence Crump