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Fulton Street developer offers $1 million community fund and five transitional units under proposed benefits agreement
Summary
City officials reviewed a proposed community benefits agreement for a Central Ward development at 16–32 Fulton Street that would provide five transitional housing units and a $1 million payment to the Community Economic Development Trust Fund; a public hearing on the agreement is scheduled for April 2.
City Council members reviewed a proposed community benefits agreement between the City of Newark, Fulton Street Newark LLC and the New Jersey Economic Development Authority tied to tax-credit incentives for a Central Ward development at 16–32 Fulton Street.
The agreement would require the developer to provide five transitional housing units intended to support the city’s PATH Home homelessness plan and to make a $1 million payout to the Community Economic Development Trust Fund. Brandy Daniel, legislative coordinator for economic and housing development, said the $1 million payment would be made as $200,000 per year for five years, with the initial payment due after issuance of the certificate of occupancy and subsequent payments on the anniversary of that initial payment.
The council president opened discussion on the measure ahead of a public hearing; Jennifer Mas, attorney with K&L Gates representing Fulton Street Newark LLC, said the developer is finalizing project financing and expects to seek a payment in lieu of taxes. Mas said the project team expects to break ground in July and that "the project will take approximately 2 years to 28 months" to build.
Council members expressed support for the agreement’s financial contribution. Councilman Ramos asked about the project timeline; Mas provided the July start and the two- to 28-month construction estimate. A public hearing on the community benefits agreement is scheduled for Wednesday, April 2, according to the council agenda item.
The community benefits agreement is linked on the agenda to a separate ordinance that would grant a 30-year tax abatement under HMFA law to the same developer. Council discussion indicated the tax-abatement ordinance and the community benefits agreement were negotiated in parallel and will proceed through public hearings and subsequent votes.
No final vote on the community benefits agreement was recorded in the meeting transcript; the council scheduled the public hearing as the next procedural step.
