A unique plan for a development that is slated to bring additional residential and medical uses to Newark’s Fairmount neighborhood could receive a tax abatement lasting longer than three decades.
The Newark Municipal Council is scheduled to vote during its meeting on Wednesday, March 17, at 12:30 p.m. on whether to grant final passage to an ordinance involving a proposed financial agreement for the six-story building that is envisioned for the corner of West Market Street and Littleton Avenue, according to a public notice.
A copy of the pending ordinance that was included in the notice states that West Market Owners, LLC, which has the same address in Westchester County, New York, as L+M Development Partners, is seeking a 35-year long-term tax exemption for the project at 4-22 Littleton Avenue. There would reportedly be an annual service charge relating to five percent of the project’s annual gross revenue.
Like other pieces of legislation involving development projects, this proposed ordinance states in part that “the Municipal Council has determined that the relative benefits of this project outweigh any costs associated with this tax exemption and that without the tax abatement granted herein, the project would not be undertaken.”
As Jersey Digs first reported in advance of a November 2020 meeting of the Newark Central Planning Board, the building in question is expected to include 78 residential units and an 8,000-square-foot medical center should it be built as planned near Georgia King Village.
The proposed ordinance indicates that all the residential units would be “affordable housing” rentals with income restrictions, with around 16 of the units being reserved for “residents with special needs.” The building’s healthcare center is “proposed to be initially tenanted or operated by Rutgers New Jersey Medical School (University Hospital),” the document adds.
Note to readers: The dates that matters are scheduled to be discussed by the Newark Municipal Council and other governing bodies are subject to change.