Title
Dept/ Agency: Economic and Housing Development Department
Action: ( ) Ratifying ( x ) Authorizing ( x ) Amending
Type of Service: Redevelopment Agreement
Purpose: Authorize Execution of an Agreement for the Redevelopment of Land Between the City of Newark and Thomas-Carter Village Urban Renewal, LLC and a Termination of Use Restriction/Restatement of Reverter Agreement between the City of Newark, the New Jersey Department of Transportation, and Thomas-Carter Village Urban Renewal, LLC
Entity Name: Thomas-Carter Village Urban Renewal, LLC
Entity Address: 60 Bergen Avenue, Teaneck, New Jersey 07666
Contract Amount: N/A
Funding Source:
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)
103-109 Sussex Avenue/Block 2853/Lot 1.02/Central Ward
111-119 Sussex Avenue/Block 2853/Lot 69/Central Ward
Additional Information:
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WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1, et seq., as amended and supplemented (the "Redevelopment Law"), authorizes municipalities to participate in the redevelopment and improvement of areas that are in need of redevelopment or rehabilitation; and
WHEREAS, in order to stimulate the reinvigoration of the City, by Resolution 7Rdo(AS) 061505 adopted on June 15, 2005, the entire City was designated as an area in need of rehabilitation pursuant to the Redevelopment Law; and
WHEREAS, Thomas-Carter Village Urban Renewal, LLC (the "Redeveloper") intends to construct a five-story brick and masonry building consisting of one hundred ninety-six (196) market rate rental units, sixteen (16) affordable housing rental units, 2,092 square feet of commercial space, and 2,092 square feet of community space and develop an asphalt surface lot with sixty-six (66) parking spa...
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