Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Grant Agreement Purpose: : To grant financial assistance for a project consisting of one building - 21 stories, 168 residential units, over commercial space, and 117 parking spaces, on the property commonly known as 36-54 Rector Street, Newark New Jersey and identified on the official tax map of the City as Block 17, Lot 26 (Central Ward). Entity Name: 36-54 Rector Street Urban Renewal, LLC. Entity Address: 120 Albany Street, 8th Floor, Tower 1, New Brunswick, New Jersey 08901 Grant Amount: $2,000,000.00 Funding Source: Motor Vehicle Rental Tax Revenues Total Project Cost: $69,800,000.00 City Contribution: $2,000,000.00 Other Funding Source/Amount: Goldman Sachs Bank USA/NJRA Loan/Developers Equity/Deferred Developer Fee/$67,800,000.00 Contract Period: Upon Municipal Council Adoption through Project Completion 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) 36-54 Rector Street/Block 17/Lot 26/ Central Ward Additional Information: Resolution 7R3-a(S)(AS) adopted on November 10, 2015 Resolution 7R3-hadopted on July 3, 2012