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 81-93 Orange Street Urban Renewal, LLC, the Developer, under the NJ Aspire Tax Credit Program to the New Jersey Economic Development Authority
Entity Name: 81-93 Orange Street Urban Renewal, LLC
Entity Address: Pasadena, Maryland 21122
Grant Amount: $60,000,000.00 - Tax Credit Amount
Total Project Cost: $185,902,712.00
City Contribution: $0.00
Other Funding Source/Amount: Traditional debt financing and equity funding
Grant Period: Ten (10) years - Tax Credit Period, from 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
81-93 Orange Street/Block 31/Lot 27/Central Ward
Additional Information:
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WHEREAS, 81-93 Orange Street Urban Renewal, LLC (the "Developer"), proposes to construct and operate a fourteen (14) story mixed-use building, to be known as The Portnow, consisting of (350) residential units, inclusive of seventy (70) affordable housing units, 8,513 square feet of retail space, and 181 parking spaces (hereinafter referred to as the "Project") at the property located at 81-93 Orange Street, Block 31, Lot 27, in the City of Newark, County of Essex, New Jersey ("Property"); and
WHEREAS, the City of Newark's Central Planning Board (the "Planning Board") approved the Project on December 20, 2021 and memorialized by Board Resolution on January 3, 2022; and
WHEREAS, the Project will bring over $186,000,000.00 in capital investment to the City of Newark and will help create over (160) construction jobs an...
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