Resolution14-0996
Dept/Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing (X ) Amending
Type of Service: Loan for facade improvements
Purpose: Reauthorizes loan for portion of the Teachers Village Redevelopment Project, dividing it into two (2) parts to reflect split ownership of the "Workforce B Component", and authorizing new loan agreements, notes and mortgage.
Entity Name: RBH-TRB Broad Mezz Urban Renewal Entity, LLC, Teachers Village Project B QALICB Urban Renewal Entity, LLC and RBH Investor II, LLC, (all related entities)
Entity Address: c/o RBH Group, 89 Market Street, 8th Floor, Newark, New Jersey 07102
Loan Amount: $1,000,000.00 combined
Funding Source: HUD Grant
Loan Term: Thirty (30) years _
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
Additional Information:
Authoring Financial Agreement originally authorized by Ordinance 6SF-A(S) adopted on December 10, 2010
The Loan Resolution originally authorized by Resolution 7R3-C(S), adopted on December 14, 2010
Resolution 7RI- 060392
Resolution 7RD- 080295
Ordinance 6S&FE051795
.
Introduced Jul 3, 2014· Economic and Housing Development