AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO MT. PLEASANT APARTMENTS URBAN RENEWAL, LLC, 4 LIBELLA COURT, NEWARK, NEW JERSEY, 07105, FOR A PROJECT TO CONSTRUCT A NEW FIVE STORY MULTIFAMILY RESIDENTIAL BUILDING CONSISTING OF TWENTY-FOUR (24) RESIDENTIAL RENTAL UNITS, CONSISTING OF NINETEEN (19) MARKET-RATE RESIDENTIAL RENTAL UNITS, (THE “MARKET RATE UNITS”), FIVE (5) AFFORDABLE HOUSING RENTAL UNITS, OF WHICH ONE (1) UNIT SHALL BE RESTRICTED TO TENANTS AT 40% OF AREA MEDIAN INCOME (“AMI”), TWO (2) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% AMI, AND TWO (2) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% AMI (ONE (1) ONE-BEDROOM UNIT AND ONE (1) TWO-BEDROOM UNIT), (COLLECTIVELY THE “INCOME RESTRICTED UNITS”), GROUND FLOOR PARKING AND ROOFTOP AMENITY SPACE, LOCATED AT 209-213 MOUNT PLEASANT AVENUE, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY’S TAX MAP AS BLOCK 440, LOT 26. (CENTRAL WARD)

Committee

Economic and Housing Development

Introduced

September 30, 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