Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Grant Agreement Purpose: To provide financial assistance for the construction of two (2) two (2) family homes and one (1) mixed use building consisting of sixteen (16) residential units and one (1) retail unit to be built as part of a development initiative known as “Live Newark” and in accordance with the Newark Neighborhood Revitalization Strategy Plan. Entity Name: Ascension Capital Partners I, LLC Entity Address: 59 Lincoln Park, Suite 200, Newark, New Jersey 07102 Grant Amount: $200,000.00 Funding Source: Community and Economic Development Dedicated Trust Fund Total Project Cost: $783,204.00 City Contribution: $0.00 Other Funding Source/Amount: $0.00 Grant Period: Commencing upon full execution of the Grant Agreement and expiring within twenty-four (24) months following construction commencement Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ ( ) Private Sale (X ) Grant ( ) Sub-recipient ( ) n/a List of Property: (if applicable) (Address/Block/Lot/Ward) 94 Cutler Street/Block 489/Lot 18/Central Ward 145 ½ Summer Avenue/Block 516/Lot 88/Central Ward 864 South 14th Street/Block 3009/Lot 19/South Ward Additional Information: