Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Support Grant Application Purpose: Support the application of Lofts @ Lincoln Park Urban Renewal, LLC (formerly known as Mid-Atlantic Investment Alliance, LLC) for CHOICE funding for the development of 24 housing units for sale to be sold at subsidized market rate (emerging market) for a project known as Lofts at Lincoln Park Entity Name: Lofts @ Lincoln Park Urban Renewal, LLC Entity Address: 11Florence Place, West Orange, New Jersey 07052 Grant Amount: $ Funding Source: CHOICE Funds Total Project Cost: $ City Contribution: $900,000.00 ($600,000.00-(City Loan - Resolution 7R3-A (S) 092413), $300,000.00-City Loan - Resolution 7R2-A 051612) Other Funding Source/Amount: Contract Period: Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ ( ) Private Sale ( ) Grant ( ) Sub-recipient ( x ) n/a List of Property: (if applicable) (Address/Block/Lot/Ward) Address Block Lot Ward 31 Brunswick Street 2826 37 East Ward 33 Brunswick Street 2826 38 East Ward 27 Brunswick Street 2826 35 East Ward 90-96 Clinton Avenue 2826 3 East Ward 29 Brunswick Street 2826 36 East Ward Additional Information: Ordinance 6PSF-I 102913 (Grant of 15 year tax Abatement to Entity) Resolution 7R3-K (AS) 102913 (Resolution waiving 20 day waiting period for adoption of Ordinance 6PSF-I 102913) Resolution 7R3-A (S) 092413 (Resolution authorizing $600,000.00 Loan to Entity) Resolution 7R3-A 050212 (First Amendment to Land Sale Agreement) Resolution 7R2-A 051612 (Resolution authorizing $300,000.00 Loan to Entity) Resolution 7R3-G 080112 (Resolution in support of CHOICE fund Application) Resolution 7R3-D 0901210 (Resolution authorizing sale of City Property to Entity)