25-0415

AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO 1007-1009 BROAD DEVELOPMENT URBAN RENEWAL LLC, 20 WASHINGTON STREET, SUITE 403, CRESSKILL, NEW JERSEY 07626, FOR A PROJECT TO CONSTRUCT A NEW SIX (6) STORY BUILDING CONSISTING OF FORTY-EIGHT (48) MARKET RATE RESIDENTIAL RENTAL UNITS, EIGHT (8) 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% OF AMI AND FIVE (5) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% OF AMI, TWENTY-SEVEN (27) OFF-STREET PARKING SPACES, AND 1,905 SQUARE FEET OF RETAIL SPACE LOCATED AT 1007-1009 MAYOR KENNETH A. GIBSON BOULEVARD, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY’S TAX MAP AS BLOCK 118, LOT 1 (CENTRAL WARD).

Ordinance Adopted Introduced March 18, 2025

Where it was heard