Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Grant Agreement
Purpose: To amend and reinstate a Grant Agreement that provides financial assistance for the project.
Entity Name: Bergen Street Redevelopment Urban Renewal, LLC
Entity Address: 953 Bergen Street, Newark, New Jersey 07112
Grant Amount: $1,900,000.00
Funding Source: Motor Vehicle Tax Revenue Bond, Series 2015
Contract Period: Upon Municipal Council adoption through 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: (if applicable)
(Address/Block/Lot/Ward)
1037-1047 Bergen Street, Block 3661, Lots 3, 5 and 8/South Ward
1057-1059 Bergen Street, Block 3660, Lot 11/ South Ward
Additional Information:
body
WHEREAS, Bergen Street Redevelopment Urban Renewal, LLC (the "Redeveloper"), requests financial assistance to construct a mixed used project upon property located at 1037-1047 Bergen Street and 1057-1059 Bergen Street, Newark New Jersey, and identified on the official tax map of the City as Block 3661, Lot 3, 5 and 8, and Block 3660, Lot 11 (the "Property), consisting of two (2) buildings along Bergen Street: Building A - a five (5) story building containing thirty-two (32) residential units over commercial space, and fourteen (14) parking spaces, and Building B - a four (4) story building containing ten (10) residential units, and a community center on the ground floor (collectively, the "Project"); and
WHEREAS, the Project is located within an area in need of redevelopment as defined under the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq. (the "LRHL"), and is governed by the Bergen Street South Redevelopment Plan, as amended; and
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