24-1510

AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR TAX ABATEMENT TO THE UNITY 12TH ST DEVELOPMENT URBAN RENEWAL, LLC, 429 CHESTNUT STREET, ROSELLE PARK, NEW JERSEY 07204, FOR A PROJECT LOCATED AT 666-676 SOUTH 12TH STREET, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY’S TAX MAP AS BLOCK 2618, LOT 56 (SOUTH WARD) (THE “PROPERTY”) FOR THE REDEVELOPMENT OF THE PROPERTY BY CONSTRUCTING THEREON A FOUR-STORY RESIDENTIAL UNIT BUILDING CONSISTING OF TWENTY-FOUR (24) AFFORDABLE HOUSING RESIDENTIAL UNITS, OF WHICH AT LEAST THREE (3) UNITS SHALL BE RESTRICTED TO TENANTS UP TO 40% OF AREA MEDIAN INCOME (“AMI”) AND NO MORE THAN TWENTY-ONE (21) UNITS SHALL BE RESTRICTED TO TENANTS UP TO 60% OF AMI (COLLECTIVELY, THE “INCOME RESTRICTED UNITS”), AND TWENTY-FOUR (24) PARKING SPACES, (COLLECTIVELY, THE “PROJECT”).

Ordinance Adopted Introduced November 4, 2024

Where it was heard