26-0289
AN ORDINANCE GRANTING A TWENTY (20) YEAR LONG TERM TAX ABATEMENT TO MARBIM HOLDINGS URBAN RENEWAL, LLC, 90 WASHINGTON ST., SUITE 307, EAST ORANGE, NEW JERSEY 07017 FOR A PROJECT, LOCATED IN THE WEST WARD AT 247-249 STUYVESANT AVENUE, NEWARK, NEW JERSEY 07106 AND IDENTIFIED AS BLOCK 4100, LOT 75 ON THE TAX MAP OF THE CITY (THE “PROPERTY”), TO CONSTRUCT A NEW FOUR (4) STORY, MIXED USE BUILDING WITH ELEVEN (11) RESIDENTIAL UNITS CONSISTING OF EIGHT (8) MARKET RATE RESIDENTIAL RENTAL UNITS (FOUR (4) ONE-BEDROOM UNIT, TWO (2) TWO-BEDROOM UNITS, AND TWO (2) THREE-BEDROOM UNITS), (THE “MARKET RATE UNITS”), THREE (3) AFFORDABLE HOUSING RENTAL UNITS OF WHICH ONE (1) ONE-BEDROOM UNIT SHALL BE RESTRICTED TO TENANTS AT 40% OF AREA MEDIAN INCOME (“AMI”) ONE (1) TWO-BEDROOM UNIT SHALL BE RESTRICTED TO TENANTS AT 60% OF AMI, AND ONE (1) THREE-BEDROOM UNIT SHALL BE RESTRICTED TO TENANTS AT 80% OF AMI (THE “INCOME RESTRICTED UNITS”), AND 978 SQUARE FEET OF COMMERCIAL SPACE (THE “RETAIL”), (COLLECTIVELY, THE “PROJECT”) (WEST WARD).
- Committee
- Economic and Housing Development
- Introduced
- March 4, 2026
- On agenda
- April 15, 2026
- Passed
- May 6, 2026