26-0781

AN ORDINANCE GRANTING A THIRTY-FIVE (35) YEAR TAX ABATEMENT PURSUANT TO THE NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY LAW OF 1983, AS AMENDED AND SUPPLEMENTED, N.J.S.A. 55:14K-1 ET SEQ. TO 10 PARK PLACE NEWARK LLC, C/O BERGER ORGANIZATION, ROBERT TREAT CENTER, 50 PARK PLACE, NEWARK, NEW JERSEY 07102 FOR THE ADAPTIVE REUSE OF THE PROPERTY LOCATED AT 10 PARK PLACE INTO A TEN (10) STORY HIGH-RISE ELEVATOR BUILIGING WITH 196-UNIT FULLY AFFORDABLE RESIDENTIAL RENTAL PROJECT WITH UNITS CONSISTING OF FIFTY-FOUR (54) STUDIO UNITS, ONE-HUNDRED AND SIXTEEN (116) ONE-BEDROOM UNITS, SIXTEEN (16) TWO-BEDROOM UNITS AND TEN (10) THREE-BEDROOM UNITS, OF WHICH 195 HOUSING UNITS SHALL BE RESTRICTED TO TENANTS WHICH AVERAGE 50.1% OF THE AREA MEDIAN INCOME (“AMI”), WHICH INCLUDE EIGHT (8) STUDIO APARTMENTS, SIXTEEN (16) ONE-BEDROOM APARTMENTS, ONE (1) TWO-BEDROOM APARTMENT, AND ONE (1) THREE-BEDROOM APARTMENT UNIT SHALL BE RESTRICTED TO TENANTS AT OR BELOW 30% OF THE AMI; EIGHTEEN (18) STUDIO APARTMENTS, FORTY-THREE (43) ONE-BEDROOM APARTMENTS, SEVEN (7) TWO-BEDROOM APARTMENTS, AND FOUR (4) THREE-BEDROOM APARTMENTS RESTRICTED TO TENANTS AT OR BELOW 50% OF THE AMI; AND TWENTY-SEVEN (27) STUDIO APARTMENTS, FIFTY-SEVEN (57) ONE-BEDROOM APARTMENTS, EIGHT (8) TWO-BEDROOM APARTMENTS, AND FIVE (5) THREE-BEDROOM APARTMENTS SHALL BE RESTRICTED TO TENANTS AT OR BELOW 60% AMI (THE “INCOME RESTRICTED UNITS”), TOGETHER WITH APPROXIMATELY 4,500 SQUARE FEET OF GROUND FLOOR AND CELLAR RETAIL SPACE (THE “RETAIL”) AND ASSOCIATED AMENITIES, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 2-4 PARK PLACE, 6 PARK PLACE, AND 8-12 PARK PLACE, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY’S TAX MAP AS BLOCK 17, LOTS 7, 9, AND 10 (THE “PROJECT”).

Ordinance Adopted Introduced May 18, 2026

Where it was heard