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Resolution16-0856

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 four (4) buildings with eight (8) residential rental units located within the South Ward Redevelopment Plan and identified on the Official Tax Map of the City as Block 3024, Lot 64, Block 3024, Lot 58, Block 2656, Lot 15 and Block 3639, Lot 77. Entity Name: Community Asset Preservation Corporation Entity Address: 108 Church Street, 3rd Floor, New Brunswick, New Jersey 08901 Grant Amount: $320,000.00 Funding Source: Community and Economic Development Dedicated Trust Total Project Cost: $1,022,050.00 City Contribution: $320,000.00 Other Funding Source/Amount: New Jersey Community Capital Equity/$702,050.00 Contract Period: The term of this Agreement shall be for a period of two (2) years from the date of adoption of this authorizing resolution by the Newark Municipal Council Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ ( ) Private Sale (X) Grant ( ) Sub-recipient ( ) n/a (Address/Block/Lot/Ward) 171 Seymour Avenue, Newark, New Jersey/Block 3024/Lot 64/South Ward 185 Seymour Avenue, Newark, New Jersey/Block 3024/Lot 58/South Ward 17-19 Seymour Avenue, Newark, New Jersey/Block 2656/Lot 15/South Ward 13-15 Scheerer Avenue, Newark, New Jersey/Block 3639/Lot 77/South Ward Additional Information:

Introduced May 13, 2016· Economic and Housing Development
Adopted
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