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Resolution13-1714

Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Grant Agreement Purpose: Loan for funding gap to make the project feasible Entity Name: Lofts @ Lincoln Park Urban Renewal LLC Entity Address: 11 Florence Place, West Orange, New Jersey 07052 Grant Amount: $600,000.00-(CITY LOAN) Funding Source: City of Newark/Motor Vehicle Rental Tax Revenues Total Project Cost: $5.19 million City Contribution: $600,000 loan Other Funding Source/Amount: project financing Contract Period: Two years after loan is made 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) 90-96 Clinton Avenue (AKA 7-9 Thomas Street) and 27-33 Brunswick Street, Newark, New Jersey and identified on the official tax map of the City as Block 2826, Lots 3 (formerly Lots 2, 4, 5, 6, and 42), 35, 36, 37 and 38 (East Ward) Additional Information: Ordinance 6PSF-1 050110, authorized Motor Vehicle Tax Resolution 7R3-D 090110, approved private sale and redevelopment of property Resolution 7R3-A 050212, amended contract period and approved revision to project description ResolutionResolution 7R3-A 051612, approved City Grant funds for $ 300,000.00 Resolution 7R3-G 080112, approved CHOICE funds for $ 1,200,000.00

Introduced Aug 30, 2013· Economic and Housing Development
Filed
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