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

Committee

Economic and Housing Development

Introduced

March 27, 2024

On agenda

May 13, 2025

Passed

June 4, 2025

Where it was heard

Municipal Council Jun 4, 2025 Close on Public Hearing and Adopt Pass Municipal Council May 21, 2025 Defer Pass Municipal Council May 13, 2025 Advance and Adopt on First Reading as 6F- Pass

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