Title
Dept./ Agency: Administration/Office of the Business Administrator
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Resolution of Support
Purpose: To provide support for the submission of financial application(s), for various tax credits sought by the Newark Performing Arts Corporation, in connection with planning, renovation and historic restoration of the Newark Symphony Hall.
Entity Name: Newark Performing Arts Corporation, LLC
Entity Address: 1012-1020 and 1030-1032 Broad Street, Newark, New Jersey 07102
Grant Amount: Not Applicable
Total Project Cost: Not Applicable
City Contribution: $0.00
Other Funding Source/Amount: $0.00
Grant Period: Not Applicable
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)
1020-1026 Broad St. /Block 883/Lot 41
1030 Broad St/ Block 883/ Lot 41
Additional Information:
body
WHEREAS, on February 18, 2009 the Municipal Council adopted Resolution 7R3-e(AS) ratifying and authorizing the Mayor of the city of Newark and/or his designee to enter into a First Amended Lease Agreement, pursuant to N.J.S.A. 40A:12A-8(g), between the City of Newark and Newark Performing Arts Corporation, LLC for the Property for the purpose of extending the term of the Lease Agreement for a period of eighteen (18) years commencing on May 1, 2008 and terminating on April 30, 2026 and adding additional required lease provisions; and
WHEREAS, Newark Performing Arts Corporation, LLC (the "Tenant"), is planning the renovation and historic restoration of Newark Symphony Hall ("the Project"). The Project will require support from the City of Newark (the "City" or "Landlord") in its capacity as landlord, as has been a strategy for other similar performance v...
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