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