Title
Dept./Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Motor Vehicle Bond Allocation Grant Funds/Private Sale/Redevelopment
Purpose: Authorizing the waiver of certain defaults, extension of time for substantial completion of the Project and the execution of a: (i) Second Amendment to the Amended and Restated Grant Agreement with Bergen Street Redevelopment Urban Renewal, LLC; and (ii) Third Amendment to Redevelopment Agreement with Redeveloper, in connection with the construction of a mixed used project called Tucker View Apartments consisting of two (2) buildings along Bergen Street in the South Ward: Building A - five (5) stories, (32) residential units, over commercial space, and fourteen (14) parking spaces, and Building B - consisting of four (4) stories, ten (10) residential units, and a community center on the ground floor on the property commonly known as 1037-1047 Bergen Street and 1057-1059 Bergen Street, Newark, New Jersey and identified on the Official Tax Map of the City of Newark, as Block 3661, Lots 3, 5 and 8, and Block 3660, Lot 11.
Entity Name: Bergen Street Redevelopment Urban Renewal, LLC
Entity Address: 953 Bergen Street, Newark, New Jersey 07112
Grant Amount: $1,900,000.00
Sale Amount: $70,988.20
Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other :
Assessed Amount: $896,400.00
Funding Source: Motor Vehicle Tax Revenue Bonds, Series 2015
Contract Period: From Project completion date to January 31, 2025
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale (X) Grant ( ) Sub-recipient ( ) n/a
List of Property: (if applicable)
(Address/Block/Lot/Ward)
1057-1059 Bergen Street/Block 3660/Lot 11/South
1037-1047 Bergen Street/Block 3661/Lot 3, 5 and 8/South
Additional Information:
Failed 7R2-d(S)080823
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