Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Execute Community Benefits Agreement.
Purpose: To authorize the execution of a community benefits agreement between the City of Newark, Terrell Redevelopment Partners Urban Renewal, LP ("Applicant" and "URE"), Chapel Street Aspire LLC (Co-Applicant) and the New Jersey Economic Development Authority as a condition of the Applicant and Co-applicant receiving aspire incentives under the Aspire Program Act, N.J.S.A. 34:1B-322, et seq., towards the construction of a new five story building consisting of sixty-nine (69) units of which sixty-eight (68) are affordable, age-restricted rental units, of which 13% will be restricted to 30% Area Median Income ("AMI"), 37% will be restricted to 50% AMI, 50% will be restricted to 60% AMI, and one (1) non-age restricted, non-income restricted superintendent's unit located at the Property (the "Project") located at 91-97 Chapel Street (formerly 59-97 Chapel Street), Newark, New Jersey, also referred to as Block 2442, Lot 1.02 on the official tax records of the City of Newark, New Jersey after being perfected by the recording of the minor subdivision deed on April 12, 2022 (the "Property") (East Ward).
Entity Name: Terrell Redevelopment Partners Urban Renewal, LP
Entity Address: 8 One Parker Plaza, Fort Lee, New Jersey 07024
Funding Source: Aspire Program Act, N.J.S.A. 34:1B-322 et seq.
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
91-97 Chapel Street (formerly 59-97 Chapel Street), Newark, New Jersey, also referred to as Block 2442, Lot 1.02 on the official tax records of the City of Newark, New Jersey after being perfected by the recording of the minor subdivision dee...
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