Title
Dept/ Agency: Economic and Housing Development
Action: (X ) Ratifying (X) Authorizing (X) Amending
Type of Service: Resolution of Support
Purpose: To provide support for the submission of an application for tax credits sought by Developer under the Aspire Tax Credit Program to the New Jersey Economic Development Authority
Entity Name: KS Nova Towers Urban Renewal LLC
Entity Address: 60 Park Place, Floor 20, Newark. New Jersey 07102
Grant Amount: Not Applicable
Total Project Cost: $324,110,150.00
City Contribution: $0.00
Other Funding Source/Amount: Traditional debt financing and equity funding
Grant Period: Ten (10) years tax credit period, from the project completion date
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)
32-34 William Street/Block 94/Lot 1 (Central Ward)
26-30 William Street/Block 94/Lot 3 (Central Ward)
16-24 William Street/Block 94/Lot 6 (Central Ward)
body
WHEREAS, KS Nova Towers Urban Renewal LLC, with a business address of 60 Park Place, Floor 20, Newark, New Jersey 07102 (the "Developer") wishes to construct a new building where there will be a shared podium base and two (2) 42-story towers, including a total of 712 residential units, with 356 units in each tower, of which 20% will be affordable housing, that are connected by a sky bridge at the 24th floor, and other related improvements including, but not limited to a lobby, package room, lockers, valet facilities, refuse rooms, commercial space, fitness space, entertainment space, multi-function rooms, lounges, outdoor terraces, other related amenities, ground-floor retail space, located at 32-34 William Street, 26-30 William Street, and 16-24 William Street, Newark, New Jersey and known on the City's tax map as Block 94, Lots 1, 3 and 6 (c...
Click here for full text