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 Aspire Tax Credit Program to the New Jersey Economic Development Authority
Entity Name: Iberia II Realty Urban Renewal, LLC
Entity Address: 450-466 Market Street, Newark, New Jersey 07105
Grant Amount: Not Applicable
Total Project Cost: $802,718,190.00
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)
450-466 Market Street/Block 175/Lot 1/East Ward
31-39 Jefferson Street/Block 175/Lot 80/East Ward
Additional Information:
body
WHEREAS, Iberia II Realty Urban Renewal LLC ("Developer"), pending approval, proposes to develop four (4) high rise mixed-use structures on the Property consisting of two (2) thirty (30) story structures and two (2) twenty-six (26) story structures containing 1,408 residential units, internal public and private parking, tenant amenity space, and ground level retail/lobby space at the properties located at 450-466 Market Street and 31-39 Jefferson Street, Block 175, Lots 1 and 80, 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 hous...
Click here for full text