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 a one(1) three (3) family house for a total of three (3) single family residential rental apartment units to be built in the South Ward area to be known as the “310-316 Clinton Avenue Project” and identified on the official tax map of the City as Block 2669, Lot 11(South Ward). Entity Name: Ascension Capital Partners I., LLC. Entity Address: 21 Fulton Street, Newark, New Jersey 07102 Grant Amount: $40,000.00 Funding Source: Community and Economic Development Dedicated Trust Fund Total Project Cost: $451,753.00 City Contribution: $40,000.00 Other Funding Source/Amount: New Jersey Community Capital, Developer Equity/$411,753.00 Contract Period: Commence on the date of execution and delivery of the Grant Agreement by the Entity and the City 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) 310-316 Clinton Avenue in the City of Newark, New Jersey, 07102 and identified on the official tax map of the City as Block 2669, Lot 11, (South Ward). Additional Information: