Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Grant Agreement
Purpose: To grant financial assistance for a project consisting of a one(1) three (3) family house for a total of three (3) single family residential rental apartment units to be built in the South Ward area to be known as the "310-316 Clinton Avenue Project" and identified on the official tax map of the City as Block 2669, Lot 11(South Ward).
Entity Name: Ascension Capital Partners I., LLC.
Entity Address: 21 Fulton Street, Newark, New Jersey 07102
Grant Amount: $40,000.00
Funding Source: Community and Economic Development Dedicated Trust Fund
Total Project Cost: $451,753.00
City Contribution: $40,000.00
Other Funding Source/Amount: New Jersey Community Capital, Developer Equity/$411,753.00
Contract Period: Commence on the date of execution and delivery of the Grant Agreement by the Entity and the City and expire upon the City's issuance of a Certificate of Completion for the Project as provided in the Grant Agreement
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: (if applicable)
(Address/Block/Lot/Ward)
310-316 Clinton Avenue in the City of Newark, New Jersey, 07102 and identified on the official tax map of the City as Block 2669, Lot 11, (South Ward).
Additional Information:
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WHEREAS, Ascension Capital Partners I, LLC, a New Jersey limited liability company 21 Fulton Street, Newark, New Jersey 07102 (the "Entity"), desires to renovate and develop the real property located at 310-316 Clinton Avenue (Block 2669, Lot 11) in the City of Newark, New Jersey (the "Property"), and renovate to construct one (1) three family house for a total of three (3) resident...
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