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AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO RISING PLAINS URBAN RENEWAL, LLC, 1515 MORRIS PLACE, HILLSIDE, NEW JERSEY 07205, FOR A PROJECT TO CONSTRUCT A NEW 4 FOUR-STORY RESIDENTIAL BUILDING CONSISTING OF (19) AFFORDABLE RENTAL UNITS (3) STUDIOS, (6) ONE-BEDROOMS UNITS, AND (10) TWO-BEDROOM UNITS, OF WHICH (4) UNITS SHALL BE RESTRICTED TO TENANTS AT 35% OF THE AREA MEDIAN INCOME ("AMI"), (2) UNITS SHALL BE RESTRICTED TO TENANTS AT 40% OF AMI, (6) UNITS SHALL BE RESTRICTED AT 50% OF AMI, (2) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% OF AMI AND (5) UNITS SHALL BE RESTRICTED TO TENANTS AT 70% OF AMI, A PARKING GARAGE WITH A TOTAL OF (14) SPACES, A 458 SQUARE FOOT COMMUNITY ROOM FOR RESIDENTS, AND A PORTION OF THE ROOF WILL BE A RECREATION TERRACE FOR THE RESIDENTS, LOCATED AT 475-481 SOUTH 16TH STREET, NEWARK, NEW JERSEY 07103, AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 327, LOT 15. (WEST WARD)
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WHEREAS, Rising Plains Urban Renewal LLC, 1515 Morris Place, Hillside, New Jersey 07205 filed an application with the Mayor 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 (20) year term for a project to construct a new four (4) story residential building consisting of nineteen (19) affordable housing rental units, of which four (4) units shall be restricted to tenants at 35% of Area Median Income ("AMI"), two (2) units shall be restricted to tenants at 40% of AMI, six (6) units shall be restricted to tenants at 50% of AMI, two (2) units shall be restricted to tenants at 60% of AMI and five (5) units shall be restricted to tenants at 70% of AMI (the "Income Restricted Units"), a parking garage with a total of fourteen (14) spaces, a 458 square foot community room for residents, and a portion of the roof will be a recreation terrace for the residents, located at 475-481 South 16th Street, Newark, New Jersey and identified on the City's tax map as ...
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