Title
Dept./ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Resolution of Support
Purpose: Municipal Council 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: Christie Riverfront, LLC
Entity Address: 608 Raymond Boulevard, Newark, New Jersey 07105
Grant Amount: N/A
Total Project Cost: $24,622,200.00
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
596-610 Raymond Boulevard/Block 2024/Lot 1.01/East Ward
Additional Information:
body
WHEREAS, Christie Riverfront, LLC ("Developer") proposes the development of a new five (5) story multi-family building with 50 residential units, consisting of 40 market rate units and 10 affordable units at 50% of the Area Median Income ("AMI"), tenant amenity space, and 50 parking spaces, located at 596-610 Raymond Boulevard, 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 post-construction building services, and the need for applica...
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