24-1538
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