AN ORDINANCE GRANTING A FIFTEEN (15) YEAR LONG TERM TAX ABATEMENT TO S.A.T. URBAN RENEWAL ENTITY LLC, 156 ELIZABETH AVENUE, NEWARK, NEW JERSEY 07108, FOR A PROJECT, LOCATED IN THE SOUTH WARD AT 142-144 ELIZABETH AVENUE, NEWARK, NEW JERSEY 07108 AND IDENTIFIED AS BLOCK 2776, LOT 8 (FORMERLY LOTS 8 & 9) ON THE TAX MAP OF THE CITY (THE “PROPERTY”), TO CONSTRUCT A NEW FIVE (5)-STORY MIXED USE BUILDING WITH TWENTY (20) RESIDENTIAL DWELLING UNITS CONSISTING OF SIXTEEN (16) MARKET RATE RESIDENTIAL UNITS WITH TWO (2) ONE-BEDROOM UNITS AND FOURTEEN (14) TWO-BEDROOM UNITS, FOUR (4) AFFORDABLE HOUSING RESIDENTIAL DWELLING RENTAL UNITS WITH ONE (1) TWO-BEDROOM UNIT WHICH SHALL BE RESTRICTED TO TENANTS UP TO 40% OF AREA MEDIAN INCOME (“AMI”), TWO (2) UNITS CONSISTING OF ONE (1) ONE-BEDROOM UNIT AND ONE (1) TWO-BEDROOM UNIT BOTH OF WHICH SHALL BE RESTRICTED TO TENANTS UP TO 60% OF AMI, AND ONE (1) ONE-BEDROOM UNIT WHICH SHALL BE RESTRICTED TO TENANTS UP TO 80% OF AMI, AND FOUR (4) COMMERCIAL/RETAIL UNITS ON THE GROUND FLOOR CONSISTING OF 386 SQ. FT., A COMMUNITY ROOM, A HALF BATHROOM, A MAIL ROOM, A PACKAGE ROOM, A MECHANICAL/TRASH ROOM, AND BIKE STORAGE (COLLECTIVELY, THE “PROJECT”) (SOUTH WARD).

Committee

Economic and Housing Development

Introduced

April 22, 2025

On agenda

October 1, 2025

Passed

October 22, 2025

Where it was heard

Municipal Council Oct 22, 2025 Close on Public Hearing and Adopt Pass Municipal Council Oct 1, 2025 Motion to Amend Pass Municipal Council Oct 1, 2025 Advance and Adopt on First Reading as 6F- Pass

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