City of Newark Meeting Agenda 2026-06-17
Council Backs Aspire Tax Credits for Stella Gardens
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Description
Newark’s Council ratified and authorized a resolution supporting Stella Gardens Preservation, LLC’s application for NJ Aspire tax credits for a $137.7 million housing project on Springfield Avenue. The ten-year tax credit period will run from project completion without 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 - NJ Aspire Tax Credit Period from project completion date
Renewal Info
Ten-year tax credit term from completion; any continuation depends on state program decisions, not this resolution.
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