24-0747

AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO 440 ELIZABETH NJ URBAN RENEWAL, LLC, 33 OSTILLA AVENUE, NEW SQUARE, NEW JERSEY 10977, FOR A PROJECT TO RENOVATE AND REHABILITATE A VACANT AND EXISTING TWENTY-FIVE-STORY HIGH-RISE RESIDENTIAL BUILDING CONSISTING OF (216) UNITS, OF WHICH (190) UNITS SHALL BE MARKET RATE RESIDENTIAL RENTAL UNITS, CONSISTING OF (48) ONE-BEDROOM UNITS, (120) TWO-BEDROOM UNITS AND (48) THREE-BEDROOM UNITS (THE “MARKET RATE UNITS”) AND (26) UNITS SHALL BE AFFORDABLE HOUSING RENTAL UNITS, OF WHICH (16) ONE-BEDROOM UNITS SHALL BE RESTRICTED TO TENANTS AT 80% OF THE AREA MEDIAN INCOME (“AMI”), (5) TWO-BEDROOM UNITS SHALL BE RESTRICTED TO TENANTS AT 60% OF AMI, AND (5) THREE-BEDROOM UNITS SHALL BE RESTRICTED TO TENANTS AT 80% OF AMI (THE “INCOME RESTRICTED UNITS”), A (104) PARKING SPACE GARAGE, AND 107 SQUARE FEET OF FLOOR AREA SPACE ON THE GROUND FLOOR CONTAINING A RECEPTION AREA, GYM, PARTY ROOM, AN OFFICE, MAIL ROOM, TRASH ROOM, (3) STORAGE ROOMS, LAUNDRY SPACE, MECHANICAL ROOM AND BATHROOMS, LOCATED AT 203-221 MEEKER AVENUE, NEWARK, NEW JERSEY 07114 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 3546.01, LOT 1. (SOUTH WARD) Deferred 6PSF-c 120424

Ordinance Adopted Introduced May 10, 2024

Where it was heard