Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Affordable Housing Agreement to Bergen Street Redevelopment, LLC for the construction of a mixed used project consisting of two buildings along Bergen Street in the South Ward, Newark, New Jersey.
Purpose: To grant financial assistance for a project consisting of two buildings along Bergen Street, 1041 Bergen Street (Building A) - 8 stories, 32 residential units, over commercial space, and fourteen (14) parking spaces, and 1037-1047 Bergen Street and 1057-1059 Bergen Street (Building B) - consisting of four stories, 10 residential units, and a community center on the ground floor and identified on the Official Tax Map of the City as Block 3660, Lots 3, 5 and 8, and Block 3661, Lot 11.
Entity Name: Bergen Street Redevelopment, LLC
Entity Address: 953 Bergen Street, Newark, New Jersey 07112
Grant Amount: $1,300,000.00
Funding Source: Federal HOME Program
Contract Period: From date of adoption until project completion
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)
Additional Information:
City to provide Bergen Street Redevelopment, LLC with $1,300,000.00 in Federal HOME Program Funds to subsidize the acquisition, construction and predevelopment costs of six (6) of approximately forty- two (42) units to be constructed within the multi-family rental project known as the Tucker View Apartments Project, 1037-1047 Bergen Street and 1057-1059 Bergen Street, Newark New Jersey and identified on the Official Tax Map of the City as Block 3660, Lots 3, 5 and 8, and Block 3661, Lot 11/South Ward.
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WHEREAS, the City of Newark, New Jersey (the "...
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