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AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR TAX ABATEMENT TO NEWARK PORTFOLIO II URBAN RENEWAL, LLC, 429 CHESTNUT STREET, ROSELLE PARK, NEW JERSEY 07204, FOR A PROJECT TO CONSTRUCT OF A FIVE-STORY MIXED USE BUILDING WITH TWENTY-THREE (23) TWO-BEDROOM RESIDENTIAL UNITS, INCLUSIVE OF EIGHTEEN (18) TWO-BEDROOM MARKET RATE RESIDENTIAL RENTAL UNITS (THE "MARKET RATE UNITS") A FIVE (5) TWO-BEDROOM AFFORDABLE HOUSING RENTAL UNITS, OF WHICH ONE (1) UNIT SHALL BE RESTRICTED TO TENANTS AT 40% OF AREA MEDIAN INCOME ("AMI"), TWO (2) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% AMI, AND TWO (2) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% AMI (THE "INCOME RESTRICTED UNITS"), APPROXIMATELY 1,350 SQUARE FEET OF COMMERCIAL SPACE, AND FIVE (5) ASSOCIATED PARKING SPACES LOCATED AT 15-19 SOUTH 13TH STREET, NEWARK, NEW JERSEY 07107 AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 1898, LOT 13.01 (COLLECTIVELY, THE "PROJECT"). (WEST WARD)
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WHEREAS, Newark Portfolio II Urban Renewal, LLC, 429 Chestnut Street, Roselle Park, New Jersey 07204 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-Five (25) year term for a project to construct a five-story mixed use building with twenty-three (23) two-bedroom residential units, inclusive of eighteen (18) two-bedroom market rate residential rental units (the "Market Rate Units") a five (5) two-bedroom affordable housing rental units, of which one (1) unit shall be restricted to tenants at 40% of Area Median Income ("AMI"), two (2) units shall be restricted to tenants at 60% AMI, and two (2) units shall be restricted to tenants at 80% AMI (the "Income Restricted Units"), approximately 1,350 square feet of commercial space, and five (5) associated parking spaces located at 15-19 South 13th Street, Newark, New Jersey 07107 and identified on the City's tax map as Block 1898, Lot 13.01 (collectively, the "Project"); and
WHEREAS, the M...
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