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All resolutions, ordinances, and other items from the Newark Municipal Council.

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Resolution19-2019

Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Subordination Agreement Purpose: To subordinate the City’s Affordable Housing Mortgage for property conveyed by City to a non-profit, which is subject to certain conditions. Entity Name: United Community Village Urban Renewal Housing, L.P. Entity Address: 332 S. 8th Street, Newark, New Jersey 07103 Lender’s Name: Velocity Commercial Capital, LLC Lender’s Address: P.O. Box 7089, Westlake Village, California 91956 Contract Period: Mortgage in effect from May 27, 1998 through May 27, 2028 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) 434-442 15th Avenue/ Block 279/Lot 22.01/ Central Ward 328-334 S. 7th Street/ Block 279/Lot 22.02/ Central Ward 299-301, 303 S. 7th Street/ Block 280/Lot 1.01/ Central Ward 307-321 S. 7th Street/ Block 280/Lot 1.06/ Central Ward 332-340 S. 8th Street/ Block 280/Lot 1.02/ Central Ward 342-354 S. 8th Street/ Block 280/Lot 1.03/ Central Ward 356-366 S. 8th Street/ Block 280/Lot 1.04/ Central Ward 368-374 S. 8th Street/ Block 280/Lot 1.05/ Central Ward Additional Information: Resolution 7R-x adopted on January 21, 1998 by the Municipal Council authorized the Affordable Housing Agreement.

Introduced Dec 23, 2019· Economic and Housing Development
Adopted
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