AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO KS 486 MARKET STREET URBAN RENEWAL, LP, 556 MARKET STREET, NEWARK, NEW JERSEY 07105, FOR A PROJECT TO CONSTRUCT SEVENTEEN (17) MARKET RATE RESIDENTIAL RENTAL UNITS (THE “MARKET RATE UNITS”), AND TWO (2) AFFORDABLE HOUSING RENTAL UNITS (THE “INCOME RESTRICTED UNITS”) RESTRICTED TO TENANTS AT 60% OF AREA MEDIAN INCOME (“AMI”), LOCATED AT 486 MARKET STREET, NEWARK, NEW JERSEY, AND IDENTIFIED ON THE CITY’S TAX MAP AS BLOCK 2002, LOT 1. (EAST WARD)

Committee

Economic and Housing Development

Introduced

August 8, 2024

On agenda

January 8, 2025

Passed

January 22, 2025

Where it was heard

Municipal Council Jan 22, 2025 Close on Public Hearing and Adopt Pass Municipal Council Jan 8, 2025 Advance and Adopt on First Reading as 6F- Pass