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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO BROAD ST. VENTURES URBAN RENEWAL, LLC, 207 WEST 25TH STREET, 9TH FLOOR, NEW YORK, NEW YORK 10001, FOR A PROJECT TO REHABILITATE AND CONVERT A VACANT HOTEL INTO A MIXED-USE BUILDING CONSISTING OF (79) MARKET RATE RESIDENTIAL RENTAL UNITS, (20) AFFORDABLE HOUSING RENTAL UNITS, OF WHICH (5) UNITS SHALL BE RESTRICTED TO TENANTS AT 40% OF AREA MEDIAN INCOME ("AMI"), (5) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% OF AMI, AND (10) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% OF AMI, (10) OFFICE UNITS WITH EXISTING CAF?, BASEMENT KITCHEN, GROUND FLOOR AND ROOFTOP RESTAURANT, A GYM, A YOGA ROOM, (2) NEW WELLNESS ROOMS AND A LOUNGE LOCATED AT 810-812 BROAD STREET, NEWARK, NEW JERSEY 07102, AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 165, LOT 11 (EAST WARD).
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WHEREAS, Broad St. Ventures Urban Renewal, LLC, 207 West 25th Street, 9th Floor, New York, New York 10001 ("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 rehabilitate and convert a vacant hotel into a mixed-use building consisting of seventy-nine (79) market rate residential rental units (the "Market Rate Units"), twenty (20) affordable housing rental units (the "Income Restricted Units"), of which five (5) units shall be restricted to tenants at 40% of Area Median Income ("AMI"), five (5) units shall be restricted to tenants at 60% of AMI, and ten (10) units shall be restricted to tenants at 80% of AMI, ten (10) office units with existing caf?, ground floor and rooftop restaurant, a gym, a yoga room, wellness rooms and a lounge located at 810-812 Broad Street, Newark, New Jersey, and identified on the City's tax map as Block 165, Lot 11 (East Ward) (collectively, the "Project"); and
WHEREAS, the Mayor of the City of Newark has submit...
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