Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Grant Agreement Purpose: To grant financial assistance for a project consisting of one building along Rector Street - 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 Urban Renewal, LLC Entity Address: 120 Albany Street, Suite 305, Tower I, 8th Floor, New Brunswick, New Jersey, 08901 Contract Amount: $2,000,000.00 Funding Source: : Motor Vehicle Rental Tax Revenues Contract Period: To Commence upon Effective Date and expire upon termination as set forth in 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 Additional Information: