Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Grant Agreement
Purpose: To grant financial assistance for a project consisting of one building along Rector Street - 21 stories, 168 residential units, over commercial space, and 117 parking spaces, on the property commonly known as 36-54 Rector Street, Newark New Jersey and identified on the official tax map of the City as Block 17, Lot 26 (Central Ward
Entity Name: 36-54 Rector Urban Renewal, LLC
Entity Address: 120 Albany Street, Suite 305, Tower I, 8th Floor, New Brunswick, New Jersey, 08901
Contract Amount: $2,000,000.00
Funding Source: : Motor Vehicle Rental Tax Revenues
Contract Period: To Commence upon Effective Date and expire upon termination as set forth in Grant Agreement
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale (X ) Grant ( ) Sub-recipient ( ) n/a
Additional Information:
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WHEREAS, 36-54 Rector Urban Renewal, LLC (the "Redeveloper"), requests financial assistance to construct a mixed-use project upon property located at 36-54 Rector Street, Newark, New Jersey (Central Ward), and identified on the official tax map of the City as Block 17, Lot 26 (the "Property), consisting of one mixed-use building along Rector Street - 21 stories, 168 residential units, over commercial space, and 117 parking spaces (the "Project"); and
WHEREAS, the Project is located within an area in need of redevelopment as defined under the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq. (the "LRHL"), and is governed by the Newark's River: Public Access and Redevelopment Plan, as amended; and
WHEREAS, the Project currently has a significant funding gap that must be bridged in order to make the Project fin...
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