Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Grant Agreement Purpose: The project will consist of constructing a 4-story structure with twenty-seven (27) residential units and an approximately 1,048 square foot Café and 1,084 square foot Art Gallery and Performance Space along with a communal workshop located in the basement Entity Name: Newark Community Economic Development Corporation Entity Address: 111 Mulberry Street, Market Street, Suite LL, Newark, New Jersey 07102 Grant Amount: $1,500,000.00 Funding Source: City of Newark Redevelopment Area Bond (PSE&G Project Series 2018) Total Project Cost: $8,498,000.00 City Contribution: $1,500,000.00 Other Funding Source/Amount: Section 108 Loan, CDBG Funds, Developer Fee/$4,351,028.00 Contract Period: Shall commence on the date of execution and delivery of the Grant Agreement by the Entity and the City of Newark, and expire upon the City’s issuance of a Certificate of Completion for the project as provided in the Grant Agreement 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) 505-509 Clinton Avenue/Block 3000/Lot 21/South Ward Additional Information: