AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO KSPG 39 MADISON URBAN RENEWAL, LLC, 486 MARKET STREET, NEWARK, NEW JERSEY 07105, FOR A PROJECT TO CONSTRUCT A NEW FIVE (5) STORY BUILDING CONSISTING OF EIGHTY (80) UNITS, OF WHICH SIXTY-FOUR (64) UNITS SHALL BE MARKET RATE RESIDENTIAL RENTAL UNITS, AND SIXTEEN (16) UNITS SHALL BE AFFORDABLE HOUSING RENTAL UNITS, OF WHICH FOUR (4) UNITS SHALL BE RESTRICTED TO TENANTS AT 40% OF AMI, FOUR (4) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% AMI AND EIGHT (8) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% AMI AND SEVENTEEN (17) ON-SITE PARKING SPACES LOCATED AT 28 JEFFERSON STREET AND 33-39 AND 41 MADISON STREET, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY’S TAX MAP AS BLOCK 173, LOTS 29, 33 AND 60. (EAST WARD) Deferred 6PSF-d 120424

Committee

Economic and Housing Development

Introduced

November 12, 2024

On agenda

November 26, 2024

Passed

December 18, 2024

Where it was heard

Municipal Council Dec 18, 2024 Close on Public Hearing and Adopt Pass Municipal Council Dec 4, 2024 Maintained on Public Hearing and Deferred Pass Municipal Council Nov 26, 2024 Advance and Adopt on First Reading as 6F- Pass

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