Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Affordable Housing Agreement Federal HOME Loan and Community and Economic Development Dedicated Trust Fund Grant
Purpose: To amend Resolution 7R2-c(S/AS) adopted on May 2, 2017, which authorized the execution and delivery of an Affordable Housing Agreement and Grant Agreement with 650 Springfield Ave Urban Renewal LLC.
Entity Name: 650 Springfield Ave Urban Renewal, LLC
Entity Address: 61 Deans Lane, Monmouth Junction, New Jersey 08852
Grant Amount: $500,000.00
Funding Source: Federal Home Program
Contract Period: From the date of Municipal Council adoption through December 31, 2050; Home Program Funds must be expended within forty-eight (48) months from the date of adoption
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale (X ) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
650-656 Springfield Avenue, 710 South 17th Street and 724-726 South 17th Street (50% of the property)/Block 364/Lots 21, 27, and 29 (50% of the property) /South Ward
Additional Information:
Resolution 7R2-c(S/AS) adopted on May 2, 2017, which authorized the execution and delivery of an Affordable Housing Agreement and Grant Agreement with 650 Springfield Ave Urban Renewal LLC, the Redeveloper, for a Project to rehabilitate six (6) affordable housing units and construct ten (10) new affordable housing units with approximately 1,900 square feet of commercial and community space located at 650-656 Springfield Avenue, 710 South 17th Street and 724-726 South 17th Street (50% of the property), Newark, New Jersey 07103.
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WHEREAS, on May 2, 2017, the Municipal Council (the "City"), duly adopted Resolution 7R2-c(S/AS) (the "Original Resolution"), auth...
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