Location of Proposed Development and Tax Exemption: 16-34 William Street, Central Ward, Newark. Photo via Google Maps / Street View.
A mixed-use project in the works for a downtown Newark location could receive a long tax exemption from the city council.
Newark Municipal Council is considering a proposal to give Tower at Halsey and William Urban Renewal, LLC a 30-year tax exemption.
The project in question would include two restaurants covering approximately 8,150 square feet, 243 “marketable units”, “27 affordable units 80% of median income limited to 80% [the] Newark City Inclusion Zones Ordinance ”and 156 parking spaces on an agenda.
A copy of a proposed regulation published as a public notice states that if approved, this measure would also authorize the execution of a financial agreement and the issuance of redevelopment bonds worth up to $ 1 million.
The notice, in part, asserts that “the project is for the health, well-being, convenience or improvement of the city’s residents” and that “the project would not be carried out without the tax exemption granted herein”. It also states that the estimated project cost is nearly $ 126 million and that the developer would have to pay an annual service fee and an annual management fee.
On the agenda is the address of the development at 16-24, 26-30 and 32-34 William Street, three properties in the Central Ward between Halsey Street and Treat Place. List of Municipal Tax Returns SLB Management, LLC; ERL Battery & Ignition Co .; and HAR STE Realty Corp. as the owner of the territories.
The Strategic Development Group announced three years ago plans for the 17-story 270-unit project “Vibe” at this location. However, the name “Vibe” is not on the agenda or in the announcement. However, they identify the address of Tower at Halsey and William Urban Renewal, LLC as a location in Basking Ridge, Somerset County, which is also listed on the Strategic Development Group and Construction Technology Corporation websites.
This matter was due to be referred to the Newark Municipal Council for a first reading on February 3rd. The regulation is on the agenda for the second reading and the final adoption of the meeting on Thursday 18 February at 12:30 p. M
Notice to Readers: The dates to be discussed by Newark Municipal Council and other governing bodies are subject to change.