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).

Committee

Economic and Housing Development

Introduced

March 18, 2025

On agenda

September 4, 2025

Passed

October 1, 2025

Where it was heard

Municipal Council Oct 1, 2025 Close on Public Hearing and Adopt Pass Municipal Council Sep 17, 2025 Adopt on First Reading Pass Municipal Council Sep 4, 2025 Advance to First Reading Pass

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