24-1052

AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR TAX ABATEMENT TO 74-78 WEBSTER URBAN RENEWAL LLC, 246 DANFORTH AVENUE, JERSEY CITY, NEW JERSEY, 07305, FOR A PROJECT TO DEMOLISH THE EXISTING STRUCTURES AND CONSTRUCT A NEW FIVE STORY MULTI-FAMILY BUILDING, WITH TWENTY-FIVE (25) RESIDENTIAL RENTAL UNITS CONSISTING OF TWENTY (20) MARKET-RATE RESIDENTIAL RENTAL UNITS, (THE “MARKET RATE UNITS”), FIVE (5) AFFORDABLE HOUSING RENTAL UNITS, OF WHICH TWO (2) UNITS SHALL BE RESTRICTED TO TENANTS AT 40% OF AREA MEDIAN INCOME (“AMI”), ONE (1) UNIT SHALL BE RESTRICTED TO TENANTS AT 60% AMI, AND TWO (2) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% AMI (COLLECTIVELY THE “INCOME RESTRICTED UNITS”), 780 SQUARE FEET OF GROUND FLOOR RETAIL/COMMERCIAL SPACE, A FITNESS CENTER, A COMMUNITY ROOM, AND A ROOFTOP DECK AMENITY AREA, LOCATED AT 74-78 WEBSTER STREET, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY’S TAX MAP AS BLOCK 481, LOT 24 (COMPRISING OF FORMER TAX LOTS 22, 23, 24). (CENTRAL WARD) Deferred 6F-c 120424

Ordinance Adopted Introduced July 24, 2024

Where it was heard