Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Execute a Community Benefits Agreement
Purpose: To authorize the execution of a Community Benefits Agreement.
Entity Name: 81-93 Orange Street Urban Renewal, LLC
Entity Address: 8162 Pinehurst Harbor Way, Pasadena, Maryland 21122
Funding Source: Aspire Program Act, N.J.S.A. 34:1B-322 et seq.
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)
24-38 University Avenue (a/k/a 81-93 Orange Street)/Block 31/Lot 27/Central Ward
Additional Information:
The Community Benefits Agreement between the City of Newark, 81-93 Orange Street Urban Renewal, LLC, and the New Jersey Economic Development Authority, as a condition of receiving tax credits incentives under the Aspire Program Act, N.J.S.A. 34:1B-322 et seq., by 81-93 Orange Street Urban Renewal, LLC towards the construction of an approximately fourteen-story residential building, consisting of a total of 400,000 square feet, inclusive of (350) apartment units, 8,500 square feet of retail space, and a structured parking garage located at 81-93 Orange Street (Block 31, Lot 27).
Deferred 7R2-f 091824
An initial Public Hearing was held on Wednesday, October 2, 2024 in City Hall, Council Chamber at 12:30P.M.
Deferred 7R2-d 100224
A second Public Hearing will be held on Tuesday, October 8, 2024 in City Hall, Council Chamber at 10:00A.M.
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WHEREAS, pursuant to the New Jersey Economic Recovery Act of 2020, the New Jersey Economic Development Authority (the "NJEDA") has established the Aspire Program Act, N.J.S.A. 34:1B-322 et seq. (the "Act") to encourage economic development and job creation; and
WHEREAS, under the Act, projec...
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