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Council reviews 15-year tax abatement for South Ward mixed-use project; housing affordability tiers described
Summary
An ordinance would grant SAT Urban Renewal Entity LLC a 15-year tax abatement for a five-story, 20-unit mixed-use building in the South Ward; council sponsors introduced the measure and gave unit-level affordability details and income restrictions.
The Newark Municipal Council reviewed an ordinance (agenda item 6C) that would grant a 15-year tax abatement to SAT Urban Renewal Entity LLC for a five-story mixed-use building in the South Ward. The project as presented would include 20 residential units and ground-floor commercial space.
Under the terms read into the record, the residential unit mix would include 16 market-rate units (two one-bedroom units and 14 two-bedroom units) and four restricted affordable rental units. The four restricted units were described as: one two-bedroom unit restricted to households at or below 40% of area median income (AMI); two units (one one-bedroom and one two-bedroom) restricted to households at or below 60% of AMI; and one one-bedroom unit restricted to households at or below 80% of AMI. The ordinance was sponsored by Councilman Council and seconded by Councilwoman Scott Rountree.
No substantive questions were raised during the pre-meeting presentation, and the item remained on the council agenda for the formal process that includes additional review and final vote at the scheduled meeting. The document presented to the council specified a 15-year abatement period; no dollar amounts for the abatement or project budget were identified in the pre-meeting remarks.
Council staff did not record a final vote at the pre-meeting; any subsequent amendments, conditions or vote tallies will appear in the official minutes after the council takes formal action.
