1 result for “tax and fee revenue” · proposal
Ordinance 25-048 approves a 30-year tax exemption for 701 Newark Avenue, LLC for property at Block 7902, Lots 25–29 (693-701 Newark Avenue, Jersey City) under the New Jersey Housing and Mortgage Finance Act. The exemption supports approximately $11.5 million in NJHMFA funding for a 35-story mixed-use development containing 360 dwelling units, including 90 affordable units, plus approximately 2,979 square feet of commercial space. In exchange, the entity will pay 11% of Annual Gross Revenue for years 1–15 (estimated at $6.5 million in the first five years), 12% for years 16–20, and 13% for years 21–30, plus an annual 2% administrative fee on the prior year's Annual Service Charge (estimated at $137,135 in the first five years). The ordinance was offered for adoption by Council as a Whole at the first reading (Agenda 3.4) and second reading/final passage (Agenda 4.6).
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