Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Loan Agreement / Promissory Note Pursuant to Section 108 Loan Guarantee Program Purpose: A resolution authorizing the execution and delivery of a Variable/Fixed Rate Note and related documents for funds awarded under the United States Department of Housing and Urban Development (“HUD”) Section 108 Loan Guarantee Program, for the purpose of funding a redevelopment project to be undertaken by Newark Makerhoods, LLC. Entity Name: United States Department of Housing and Urban Development Entity Address: 451 7th Street S.W., Washington, DC 20410 Loan Amount: $5,000,000.00 Loan Term: Twenty (20) years Project Property Information: (Address/Block/Lot/Ward) 597-601 Dr. Martin Luther King, Jr. Boulevard/Block 2508/Lot 29/Central Ward 129-145 Court Street/Block 2508/Lot 52/Central Ward Additional Information: Application for loan funds authorized by Resolution 7R2-a(AS) adopted on November 1, 2017. Contract for Loan Guarantee Assistance authorized by Resolution 7R2-c(AS) adopted on March 6, 2019.