24-0470

AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR TAX ABATEMENT TO RIVERFRONT QUARTERS URBAN RENEWAL, LLC, 30 PRINCETON ROAD, LINDEN, NEW JERSEY 07036, FOR A PROJECT TO CONSTRUCT (64) RESIDENTIAL RENTAL UNITS CONSISTING OF (51) MARKET-RATE RESIDENTIAL RENTAL UNITS, (13) AFFORDABLE HOUSING RENTAL UNITS, OF WHICH (3) UNITS SHALL RESTRICTED TO TENANTS AT 40% OF THE AREA MEDIAN INCOME (“AMI”), (3) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% AMI, AND (7) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% AMI, ALONG WITH RESIDENTIAL AMENITIES, INCLUDING A FITNESS ROOM, A 997 SQUARE FOOT LOUNGE, ROOFTOP DECK AMENITY AREA, WHICH INCLUDES SEATING AREAS, AND A ROOFTOP PERGOLA, AND 8,712 SQUARE FEET OF COVERED PARKING LOCATED AT 638-646 RAYMOND BOULEVARD, NEWARK, NEW JERSEY 07105, AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2020, LOT 4 (EAST WARD).

Ordinance Adopted Introduced March 25, 2024

Where it was heard