Title
Dept./ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Resolution of Support
Purpose: To provide Municipal Council 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: SWPN Development 1, LLC and Brick Family Village I, LLC
Entity Address: 35 Halsey Street, Third Floor, Newark, New Jersey
Total Project Cost: $137,665,418.00
City Contribution: $0.00
Other Funding Source/Amount: Traditional debt financing and equity funding
Grant Period: Ten (10) years - Tax Credit Period, from project completion date
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
137-139 Badger Avenue/Block 2681/Lot 1/South Ward
141-143 Badger Avenue/Block 2681/Lot 3/South Ward
145-153 Badger Avenue/Block 2681/Lot 5/South Ward
246 Jelliff Avenue/Block 2691/Lot 1.01/South Ward
248-250 Jelliff Avenue/Block 2691/Lot 1.02/South Ward
252 Jelliff Avenue/Block 2691/Lot 1.03/South Ward
254-256 Jelliff Avenue/Block 2691/Lot 1.04/South Ward
264-268 Jelliff Avenue/Block 2691/Lot 50/South Ward
258-262 Jelliff Avenue/Block 2691/Lot 53/South Ward
Additional Information:
body
WHEREAS, SWPN Development 1, LLC and Brick Family Village I, LLC (the "Developer"), proposes to develop a project consisting of: (i) a new multifamily residential building located on the Badger Avenue properties containing seventy (70) residential rental units, one hundred percent (100%) of which will be affordable housing, totaling more than 80,000 square feet; and (ii) a commercial component located on the Jelliff Avenue properties consisting of a four-story K-8 school building totaling approxima...
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