City of Newark Municipal Council Meeting Agenda 2026-06-17
Aspire tax credit support granted for Stella Gardens
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Description
Newark’s Municipal Council ratified and authorized a resolution supporting Stella Gardens Preservation, LLC’s application for NJ Aspire tax credits for a $137.7 million project at 331-343 Springfield Avenue. The project’s tax credit period would run for ten years after completion, with no direct city funding.
Contract Details
Contract Amount
$137,665,418.00
Vendor
STELLA GARDENS PRESERVATION LLC
Agency
City of Newark, NJ
Contract Type
OTHER
Document Date
June 17, 2026
Contract Term
Ten (10) years - Tax Credit Period, from project completion date
Renewal Info
NJ Aspire tax credit benefit lasts ten years from completion; no renewal provisions outlined.
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