Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Affordable Housing Agreement
Purpose: Entity Name: MBI Development Company, Inc.
Entity Address: 725 Cuthbert Boulevard, Cherry Hill, New Jersey 08002
Grant Amount: $950,000.00
Funding Source: City of Newark Motor Vehicle Rental Tax Account
Contract Period: The use of rental tax account funds provided under the Agreement shall be for a period of two (2) years, and not to exceed four years, from the date of adoption 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
List of Property:
(Address/Block/Lot/Ward)
10 Crawford Street/ /Block 116/ Lot 46/Central Ward
12 Crawford Street/ /Block 116/ Lot 47/Central Ward
14 Crawford Street/ /Block 116/ Lot 48/Central Ward
16-20 Crawford Street/ /Block 116/ Lot 49/Central Ward
401-407 Halsey Street/ /Block 116/ Lot 34/Central Ward
395 Halsey Street/ Block 116/ Lot 30/Central Ward
397 Halsey Street/ /Block 116/ Lot 31/Central Ward
399 Halsey Street/ /Block 116/ Lot 32/Central Ward
24 West Kinney Place/ /Block 116/ Lot 3/Central Ward
22 West Kinney Place/ /Block 116/ Lot 5/Central Ward
18-20 West Kinney Place/ /Block 116/ Lot 7/ Central Ward
16 West Kinney Place/ Block 116/ Lot 9/Central Ward
Additional Information:
Proposed Funding Sources:
Permanent Loan $ 2,500,000.00
LIHTC Equity $ 11,066,958.00
HMFA Subsidy $950,000.00
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WHEREAS, N.J.S.A. 40:48H-1 et seq. (the “Municipal Motor Vehicle Rental Tax Law”) authorizes qualifying municipalities to impose, by ordinance, a tax upon motor vehicle rental transactions occurring within designated industrial zones of the municipality and to utilize the tax revenues collected ...
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