Dept/ Agency: Finance Action: ( ) Ratifying (X) Authorizing ( ) Amending Purpose: Application to Local Finance Board for approval of proposed issuance of Redevelopment Area Bonds Name of Project(s): Rector Street Redevelopment Project Amount to be Financed: $5,000,000.00 Funding Source: Redevelopment Area Bonds -New Jersey Economic Development Authority Local Finance Board meeting date(s): Project Information: (Description/ Project No./ Amount Appropriated/Ordinance No.) Project involves the substantial rehabilitation of an existing 12-story structure (the former Science High Building) located at 36-54 Rector Street, Newark, New Jersey, into a multi-story high rise residential tower containing approximately 169 rental units with ground floor retail space. (Block 17, Lot 26, Central Ward) Additional Information: Entity Name and Address: 36-54 Rector Urban Renewal, LLC, 120 Albany Street, New Brunswick, New Jersey 08901