Title
Dept./ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Resolution of Support
Purpose: To provide Municipal Council support for the submission of an application for tax credits sought by the developer under the NJ Aspire Tax Credit Program to the New Jersey Economic Development Authority.
Entity Name: MLK Gateway East Side Urban Renewal, LLC
Entity Address: 141 West Front Street, Suite 410, Red Bank, New Jersey 07701
Grant Amount: $0.00
Total Project Cost: $39,338,206.00
City Contribution: $0.00
Other Funding Source/Amount: Traditional debt financing and equity funding
Grant Period:
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
(Address/Block/Lot/Ward
240-250 Martin Luther King Boulevard/Block 43/Lot 41/Additional Lot 46/Central Ward
236-238 Martin Luther King Boulevard/Block 43/Lot 48/Central Ward
Additional Information:
body
WHEREAS, MLK Gateway East Side Urban Renewal, LLC ("Developer") proposes to construct a 6-story multi-family development consisting of 118 residential units and 50 parking spaces at the properties located at 240-250 Martin Luther King Boulevard and 236-238 Martin Luther King Boulevard, and commonly known as Block 43, Lots 41, 46 and 48 on the official tax map of the City of Newark, New Jersey ("Project"); and
WHEREAS, the Project will fully comply with the City of Newark's Inclusionary zoning Ordinance, and will include twenty percent (20%) of the units being set aside for on-site affordable housing units; and
WHEREAS, in connection with the financing of the Project, the Developer is applying to the New Jersey Economic Development Authority ("NJEDA") for tax credits under the Aspire Tax Credit Program ("Funds"), which wa...
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