Title
AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO 449 WASHINGTON STREET URBAN RENEWAL CO., LLC, 27 AUSTIN STREET, NEWARK, NEW JERSEY 07114, FOR A PROJECT TO CONSTRUCT A NEW FIVE (5) STORY BUILDING WITH A TOTAL OF TWENTY (20) RESIDENTIAL RENTAL UNITS, OF WHICH TEN (10) WILL BE MARKET RATE RESIDENTIAL RENTAL UNITS AND TEN (10) WILL BE AFFORDABLE HOUSING RENTAL UNITS WHICH SHALL BE RESTRICTED TO TENANT'S AT 60% OF AREA MEDIAN INCOME ("AMI"), AND A GROUND LOBBY WITH NO ON-SITE PARKING SPACES, LOCATED AT 449 WASHINGTON STREET, NEWARK, NEW JERSEY 07102 AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 115, LOT 15 (CENTRAL WARD).
Deferred 6PSF-e 052125
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WHEREAS, 449 Washington Street Urban Renewal Co., LLC, 27 Austin Street, Newark, New Jersey 07114, 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 thirty (30) year term for a project to construct a new five (5) story building with a total of ten (10) market rate residential rental units (the "Market Rate Units"), ten (10) affordable housing rental units, which shall be restricted to tenant's at 60% of Area Median Income ("AMI") (the "Income Restricted Units"), and a ground lobby with no onsite parking spaces located at 449 Washington Street, Newark, New Jersey 07102 and identified on the City's tax map as Block 115, Lot 15 (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-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 Proj...
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