A proposed five-story senior housing development in Newark’s East Ward could receive a lengthy tax abatement if a newly proposed ordinance is approved.
Terrell Redevelopment Partners Urban Renewal, LP of Fort Lee submitted an application calling for a 30-year tax abatement in connection with their plans for part of the Millard E. Terrell Homes premises at 59-97 Chapel Street, according to the proposed ordinance.
The document states that “69 affordable, age-restricted rental units” are planned, including “18 units dedicated to permanent, supportive housing for persons with physical disabilities.”
One unit would be for the building superintendent while 54 would be restricted to residents earning up to 80 percent of the area median income. Fourteen units would be reserved for residents making up to 30 percent of the area median income.
The abatement would cover taxes on land and improvements. The proposed ordinance says that an annual service charge for the first 15 years would be based on six percent of annual gross revenues generated from the development, with that number slightly increasing to seven percent for the second 15 years.
Disclosure forms released by the City of Newark identify Joe Alpert and the Building Believers Trust Corporation as stockholders in Terrell Redevelopment Partners Urban Renewal, LP. The Building Believers Trust Corporation is registered out of the Newark Housing Authority.
A public hearing on the matter is scheduled for Tuesday, September 22, according to the Newark Legislative Research Center.
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.
