Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Grant Agreement Purpose: To provide grant financial assistance for a Redevelopment Project to be built as part of the “Build Newark” Initiative Redevelopment Plan Entity Name: Ascension Capital Partners I, LLC Entity Address: 59 Lincoln Park, Suite 200, Newark, New Jersey 07102 Grant Amount: $160,000.00 Total Project Cost: $840,229.00 City Contribution: $160,000.00 Other Funding Source/Amount: Private Capital/$680,229.00 Grant Period: Term of eighteen (18) months commencing December 1, 2019 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) 400-402 Avon Avenue/Block 2648/Lot 51/South Ward 404 Avon Avenue/Block 2648/Lot 49/South Ward Additional Information: The Redevelopment Project shall consist of the construction of two (2) new three (3) family houses for a total of six (6) units to be built as part of the Redevelopment Plan known as the “Build Newark Initiative Project”.