Title
Dept./Agency: Economic and Housing Development
Action: ( X ) Ratifying ( X ) Authorizing ( X ) Amending
Type of Service: Grant Agreement
Purpose: To provide for a Grant and Grant Agreement with Rising Plains 474 LLC in the amount of $43,000.00
Entity Name: Rising Plains 474 LLC
Entity Address: P.O. Box 91, Hillside, New Jersey 07205
Additional Grant Amount: $43,000.00
Funding Source: Community and Economic Development Dedicated Trust Fund
Total Project Cost: $661,653.00
City Contribution: $43,000.00
Other Funding Source/Amount: Community Economic Development Trust Fund
Grant Period: Construction has commenced and is near substantial 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)
474 South 15th Street/Block 329/Lot 30/West Ward
Additional Information:
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WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq., as amended and supplemented (the "Act"), authorizes municipalities to participate in the redevelopment and improvement of areas that are in need of redevelopment or rehabilitation; and
WHEREAS, in order to stimulate the reinvigoration of the City, by Resolution 7Rdo(AS) adopted on June 15, 2005, the entire City was designated as an area in need of rehabilitation pursuant to the Act; and
WHEREAS, by Ordinance 6S+Fc(s), on August 17, 2005, the Municipal Council adopted a Second Amendment to the West Ward Redevelopment Plan (together with all amendments, the "Redevelopment Plan"), which provides for the redevelopment of certain City-owned parcels within the West Ward of the City; and
WHEREAS, the Redeveloper has developed and improved the real property located at 474 South 15th Street (West Ward) of the Tax Map of the City of N...
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