Title
Dept./Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) 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 NJ Aspire Tax Credit Program to the New Jersey Economic Development Authority.
Entity Name: 10 Park Place Newark, LLC
Entity Address: 50 Park Place, Newark, New Jersey 07102
Grant Amount: $0.00
Total Project Cost: $139,315,000.00
City Contribution: $0.00
Other Funding Source/Amount: Traditional debt financing and equity funding
Grant Period:
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
8-12 Park Place/Block 17/Lot 7/Central Ward
6 Park Place/Block 17/Lot 9/Central Ward
2-4 Park Place/Block 17/Lot 10/Central Ward
Additional Information:
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WHEREAS, 10 Park Place Newark LLC ("Developer") proposes to rehabilitate a historic building into a mixed-use project with 231 affordable residential dwelling units, tenant amenities and ground floor commercial use at the properties located at 8-12 Park Place, 6 Park Place and 2-4 Park Place (Block 17, Lots 7, 9, and 10), in the City of Newark, New Jersey ("Project"); and
WHEREAS, in connection with the financing of the Project, the Developer is applying to the New Jersey Economic Development Authority ("NJEDA") for tax credits under the Aspire Tax Credit Program ("Funds"); and
WHEREAS, the NJEDA's underwriting requirements for the Funds align with the City of Newark's objectives in multiple ways, including a twenty percent (20%) affordable housing set aside for new construction, the use of prevailing wage and affirmative action protocols in connection with both construction of the Project and po...
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